Carnegie confirms EU cash
Australian developer secures European funding for Wave Hub project
Carnegie Wave Energy has signed off on a £9.6m grant from the European Regional Development Fund to build a 1MW project at Cornwall’s Wave Hub.
The grant represents 65% of the funding for a £14.7m project to design, construct, install and operate a single, grid-connected Ceto 6 wave device.
The 1MW unit will be adapted to local conditions and industrialised for large scale commercial deployment at the Wave Hub test site.
Carnegie said the project will commence immediately, with commissioning set for 2018, followed by 12 months of operations.
The project will be delivered by Carnegie's UK subsidiary, CWE UK, based at Cornwall's Hayle Marine Renewable Business Park, with commercial and technical support from its Australian parent company.
Carnegie plans to install a subsequent 15MW commercial array at the same site, offering a commercial return on investment. The second phase is planned to start in 2020-21.
The Western Australia outfit said it would utilise the marine feed-in tariff equating to £305/MWh for the second stage of the project.
Carnegie chief executive Michael Ottaviano said the project will also include engagement with and coordination of a “suitable” supply chain for the construction and operational phase.
“The UK offers unique advantages for the commercialisation of CETO,” he said.
Image: Ceto 5 off Western Australia (Carnegie)