Carnegie Clean Energy Limited (ASX: CCE) has announced securing a $2.1 million project financing from Commonwealth Bank Australia (CBA) for its Garden Island Microgrid Project, in addition to a $4 million revolving R&D facility.
The Garden Island Microgrid Project involves the construction and operation of a 2MW solar PV array, a 2MW/0.5MWh battery energy storage system and a control system. Construction of the project is complete apart from the final cabling and grid connection expected in coming months, to be followed by the delivery of power to the Australian Department of Defence under a long term power supply agreement.
The R&D facility, also provided by CBA, assists Carnegie with working capital primarily for the delivery Carnegie’s Wave Energy commercialisation activities.
Carnegie is the only company in the world to offer a combination of wave, solar, wind, battery storage and desalination via microgrids which are ideally suited to islands, off grid communities and fringe of grid locations. Within Australia, Carnegie delivers its solar energy and battery storage projects via a joint venture between Energy Made Clean and multinational property and infrastructure company Lendlease.