While the CEFC might accept a high degree of risk because it has...

While the CEFC might accept a high degree of risk because it has the backing of the taxpayers, a commercial lender would need to be more discerning to protect it's shareholders.

For CWE to get this loan, CBA would require substantial guarantees that the investment was sound.

I assume commercial in confidence performance data and forecast earnings would need to have been made available for them to be satisfied. That is a show of confidence in CWE from a commercial lender not before seen in the wave energy industry.

Aquamarine Power and Pelamis both went under, not because of their technology but because they could not attract commercial finance.