PRESS RELEASE
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.
CEFC announces “landmark” investment to help decarbonise maritime ports in South Australia, focusing on the…
Australia is producing 6x more gas than the regulator's predicted shortfall, says the Australia Institute…
Australia needs more longer duration energy storage to fix a forecast winter demand peak when…
Albanese slammed by Greens and cross bench after refusing climate trigger at behest of mining…
Brendan Lang is an electrician from Melbourne who swapped his diesel guzzling tradie ute for…
NSW's new Consumer Energy Strategy aims for 1 million homes and small businesses kitted out…