Carnegie Files Albany Funding Plan
Carnegie said it has submitted the Albany wave energy project updated funding plan to the Department of Primary Industries and Regional Development (DPIRD) for consideration.
As reported earlier, the government of Western Australia requested that Carnegie delivers a funding plan for the wave project offshore Albany, after it agreed to pay the negotiated revised first milestone grant for the project of Au$2.6 million to the company.
Following that decision, Carnegie asked the DPIRD to consider extending the funding plan submission deadline (granted for February 2019) to allow time for the proposed changes to the Federal government’s research & development (R&D) tax incentive to be clarified.
Now that the plan has been delivered, the state government will assess whether the company has the financial capability, in an altered Federal R&D tax incentive environment, to complete the Albany Wave Energy Project.
The CETO power generating system to be constructed in the project will consist of a single submerged CETO 6 unit with offshore power generation, subsea cable to shore and an onshore substation.