Carnegie closes EMC transaction, starts Mauritius project
- Business & Finance
Carnegie Wave Energy has started working on Mauritius project following the completion of the agreement with solar and microgrid operations developer Energy Made Clean (EMC).
Carnegie’s CEO, Michael Ottaviano, has been appointed to the EMC Board, after the approval of the agreement by EMC’s shareholders at a meeting held on April 18.
The completion of the agreement means that Carnegie and EMC have now begun working to deliver microgrid initiatives, the first of which is Carnegie’s Mauritius Wave and Microgrid Design Project.
Michael Ottaviano said: “Our strategy for island markets is to deliver our CETO wave technology as part of an integrated microgrid solution. The completion of the Carnegie/EMC Investment and Alliance Agreement means we now have a powerful capability to do just that.”
Ottaviano said the agreement, which saw Carnegie invest Au$1.5 million in Carnegie shares and Au$3 million in cash to take a 35% stake in EMC, will see the companies share a joint focus on the delivery of a combination of renewable energies.
Carnegie will work with EMC to deliver innovative renewable energy solutions globally, including the delivery of a high penetration renewable energy roadmap for Mauritius, a wave resource assessment and the design of a wave-integrated microgrid solution by the end of 2016.
Ottaviano added that the project, which was awarded to Carnegie in 2015, will combine EMC’s microgrid expertise with the CETO technology and Carnegie’s finance, governance and technical capabilities.