New investors join Carnegie’s 10-MW PV project in Western Australia

Australian firm Carnegie Clean Energy Ltd (ASX:CCE) has selected Indigenous Business Australia (IBA) and Perth Noongar Foundation (PNF) as co-equity investors for its 10-MW solar power plant project in Northam, Western Australia.

According to a bourse statement on Monday, Carnegie has entered into a binding term-sheet with the two partners for a collective 50% ownership of the merchant solar project after selecting them in a competitive investment process. Carnegie will own the remaining 50% of the Northam scheme through a joint venture between its subsidiary Energy Made Clean (EMC) and infrastructure company Lendlease Services Pty Ltd.

Detailed documents for closing the deal are expected to be ready in the coming weeks, following which the "battery ready" project will achieve financial close and construction works will begin.

Carnegie expects to commission the build-own-operate project in Northam in the second half of next year and produce 24,000 MWh of electricity per year from the 34,000 PV panels. The output of the plant will be fed into the Western Australian power grid.

The PV project is estimated to require an investment of AUD 17 million (USD 12.9m/EUR 10.9m). Carnegie has secured a 12-month construction debt of AUD 7.5 million from Perth-based Asymmetric Credit Partners Pty Ltd. Earlier this year, the company raised AUD 18 million in an oversubscribed cash call for the project and a separate private placement.

(AUD 1.0 = USD 0.761/EUR 0.639)

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