Carnegie gets USD 1.4m in debt to complete key solar, storage projects

Carnegie Clean Energy Ltd (ASX:CCE) has secured an AUD-2-million (USD 1.4m/EUR 1.3m) debt facility from a company controlled by its non-executive director to finance some of its solar and energy storage projects.

The Australian company said on Tuesday that the unsecured finance facility was provided by HFM Investments Ltd, which is controlled by Mike Fitzpatrick. The funds will help it support the under-construction 2-MW solar and 2-MW/0.5-MW battery storage system on Garden Island as well as the 10-MW Northam solar park in Western Australia, which has just been switched on. The fresh funds, though, will not cover Carnegie's main project, a wave energy farm off Albany in Western Australia.

The Garden Island project is in the process of completion and final cabling works are being carried out prior to commissioning.

Meanwhile, Carnegie said in a separate statement on Wednesday that the Northam solar farm is fully constructed and started limited power exports to the grid. The facility, which Carnegie owns together with Indigenous Business Australia (IBA) and Bookitja Ptd Ltd, will kick off commercial operations in the coming weeks.

The AUD-2-million financing facility for the projects has an annual interest of 8% until February 2019 and 18% thereafter. The debt matures on February 28, 2019.

(AUD 1.0 = USD 0.724/EUR 0.635)

Choose your newsletter by Renewables Now. Join for free!