Australia's Carnegie finalises USD-13.5m capital increase

Carnegie Clean Energy Ltd (ASX:CCE) said today it has completed a scaled-back AUD-18-million (USD 13.5m/EUR 12.6m) capital hike, to be used to finance its equity share of a solar project in Australia.

Following overwhelming subscription demand, Carnegie has accepted over-subscriptions of about AUD 9 million to enable more existing shareholders to participate in the previously announced Share Purchase Plan (SPP), plus a further AUD 3 million of commitments through a private placement with a select group of investors, it said in a statement.

The company will mainly use the fresh capital to finance the 10-MW Northam solar project in Western Australia, which is being developed by a joint venture between Carnegie subsidiary Energy Made Clean (EMC) and Lendlease Services Pty Ltd. The plant is expected to commence operation by the end of the year.

A portion of the funds will be spent on supporting Carnegie’s solar and microgrid project pipeline development and delivery.

"The capital raised will allow us to accelerate our plans to grow the business rapidly across Australia and the region," said Carnegie's managing director and CEO, Michael Ottaviano.

(AUD 1.0 = USD 0.753/EUR 0.700)

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