Carnegie Clean Energy has concluded a scaled back $18 million capital raise to be used to fund solar and renewable energy microgrid projects.
On March 22, 2017, Carnegie started a $6 million capital raise via a Share Purchase Plan (SPP) with capacity to accept oversubscriptions.
Responding to the subscription demand, Carnegie’s Board of Directors decided to accept over-subscriptions of approximately $9 million, and a further $3 million of commitments through a private placement, the Australia-based clean energy developer informed.
Michael Ottaviano , Carnegie’s Managing Director and CEO, said: “This exceptional response to our capital raise is a clear indication of the support of our shareholders for the expansion of our business into solar, battery storage and microgrids. The capital raised will allow us to accelerate our plans to grow the business rapidly across Australia and the region.”
The private placement was undertaken with a select group of investors, the majority of whom are existing Carnegie shareholders, on the same terms as the Share Purchase Plan, Carnegie said.
According to Carnegie, settlement of the total $18 million in funds and issue of shares will occur over the next 10 days.
Carnegie will use the money to fund its equity share of the 10MW Northam Solar Project, as well as to support its other solar and microgrid project pipeline development and delivery.