Carnegie to raise up to USD 3.6m for wave, microgrid projects

Australia’s Carnegie Wave Energy Ltd (ASX:CWE) said today it seeks to raise up to AUD 5 million (USD 3.6m/EUR 3.2m) via a new share purchase plan (SPP) so it could fund its wave and microgrid projects.

To be more specific, Carnegie intends to use the fresh capital in combination with existing resources, including government grants and loans, to support the development of its 3-MW CETO 6 wave energy project and a new microgrid scheme off Garden Island, Western Australia. A portion of the funds will also go for international project developments.

Carnegie announced the particular microgrid project on Thursday, saying it will consist of the CETO 6 development that is currently in progress, the existing reverse osmosis desalination plant on Garden Island, a 2-MW solar photovoltaic (PV) array and an energy storage system. The company noted that this would be the first such wave-integrated renewable microgrid project to be connected to an electricity network. A project-related memorandum of understanding (MoU) was signed with local power utility Western Power.

Under the terms of the newly-announced SPP, all eligible Carnegie shareholders will be able to buy company stock at AUD 0.042 apiece, a discount of 16% based on the firm’s closing on October 30. The offer will open on November 3 and will close on November 20, 2015.

(AUD 1.0 = USD 0.715/EUR 0.648)

Choose your newsletter by Renewables Now. Join for free!