Carnegie Clean Energy has secured multi-million revolving debt facility to support its wave energy research and development activities.
The R&D facility, in the amount of Au$4 million ($3.15 million), was provided by Commonwealth Bank Australia (CBA), the Australian clean energy developer informed.
Carnegie said the revolving debt facility will assists its working capital for the delivery of wave energy commercialization activities.
In addition, the company secured Au$2.1 million ($1.65 million) – also from CBA – for post-construction debt refinancing of the Garden Island Microgrid Project.
Carnegie Clean Energy is an ASX-listed solar energy, battery storage, and wave energy project developer with over 10,000 Australian shareholders.
The company is the 100% owner and developer of the CETO wave energy technology intellectual property and is also a full owner of leading Australian battery/solar microgrid Engineering Procurement and Construction (EPC) company Energy Made Clean (EMC).
As reported earlier, Carnegie has shifted the delivery plans for the first CETO 6 wave energy prototype from Wave Hub in UK to Albany in Western Australia – continuing the UK development activities at the same time.
The new CETO 6 design – with the increased nominal capacity of up to 1.5MW – will be first deployed at the Albany Wave Energy Project during the 2019/2020 summer weather window.