Carnegie Clean Energy Limited (ASX: CCE) is pleased to advise that it has received a $1.63 million grant milestone progress payment from the Australian Renewable Energy Agency (ARENA) for the Garden Island Microgrid Project.
The Project involves the construction and installation of a 2MW solar PV array, a 2MW/0.5MWh battery energy storage system and a control system.
Carnegie has now received $2.3 million of a total $2.5 million funding package from ARENA to support the Garden Island Microgrid Project. ARENA’s funding package for the Project is comprised of $700,000 grant funding and $1.8 million of convertible note funding.
Carnegie will now issue $1.6 million in convertible notes to ARENA. The ARENA convertible notes will prima facie be unsecured debt with 0% interest over a 6 year term and can be converted by ARENA to ordinary shares in Carnegie at a conversion price of $0.053 per share.
The final $200,000 in convertible notes will be issued to ARENA upon commissioning.
Construction of the frames and solar panels is now complete as is the installation of the battery energy storage system, inverters and transformers.
Work now moves to completion of cabling, testing and commissioning.