Carnegie inks multi-million deal with Australian bank

Carnegie Wave Energy has signed a financing deal with Commonwealth Bank of Australia which will provide Au$21 million for the commercialization of Carnegie’s wave energy technology.

Commonwealth Bank of Australia (CBA) is providing a five-year Au$20 million ($15 million) loan facility as part of the financing required for the CETO 6 Project development and commercialization.

CBA is also granting Au$1 million ($715,800) as part of the financing for the Garden Island Microgrid (GIMG) Project. It will be located on Garden Island, WA and will incorporate the CETO 6 Project currently underway with the existing operating desalination plant along with a new additional solar photovoltaic farm, energy storage and a sophisticated control system.

Aidan Flynn, Carnegie’s Chief Financial Officer, said: “This cost competitive capital from the CBA will help Carnegie take a significant step forward in our development and commercialisation of the CETO technology, including the integration of CETO into a microgrid with other renewable energy sources. This will put us in a strong position to compete in the global, developing wave energy market.”

Gary McGrath from Commonwealth Bank said: “The wave energy sector is an industry of the future with great potential for Australia to be a world leader and exporter of renewable energy technology. We are delighted to be the first ever commercial bank in Australia to execute a wave energy finance deal. We’re pleased to support Carnegie and the development of its CETO 6 Project and Microgrid Project and we are truly excited about the significant prospects for this new clean energy industry.”

Carnegie Wave Energy is an Australian wave energy developer of CETO technology that has successfully connected an array of three CETO 5 wave energy devices to the Australian grid in February this year.

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Image: Carnegie Wave Energy

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