Carnegie cash call to back 10-MW solar park, more projects

Carnegie Clean Energy Ltd (ASX:CCE) is seeking to raise up to AUD 6 million (USD 4.6m/EUR 4.2m) from its existing shareholders to finance a 10-MW solar project in Western Australia and other developments.

Shareholders of record on March 21 can buy between AUD 2,500 and AUD 15,000 of shares at AUD 0.067 apiece. The offer, which represents a discount of 15% on Carnegie’s share price on March 20, opened Wednesday, March 22, and closes on April 13.

The 10-MW Northam Solar Project will be delivered under the joint venture between Carnegie subsidiary Energy Made Clean (EMC) and Lendlease Services Pty Ltd. Carnegie expects to commission the plant by the end of 2017 and produce 24,000 MWh of electricity per year.

Carnegie expanded its reach beyond wave energy last year with the acquisition of local battery and solar engineering company EMC. The Share Purchase Plan (SPP) will support Northam and also the firm’s pipeline of solar and battery projects across the country.

“We have an exciting pipeline of projects and opportunities being generated through our expanding portfolio of joint ventures – in particular, a $100+ million project opportunity pipeline through our joint venture with leading construction company Lendlease,” said CEO Michael Ottaviano.

(AUD 1 = USD 0.77/EUR 0.71)

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