Cash call boost for Carnegie
Australian developer's share issue three times oversubscribed
Australian wave outfit Carnegie Clean Energy has raised A$18m to fund its equity share of a 10MW solar project and support its microgrid project pipeline development and delivery.
The A$6m share issue was three times oversubscribed and Carnegie’s board decided to accept over-subscriptions of approximately A$9m and a further A$3m through a private placement.
Carnegie chief executive Michael Ottaviano said: "This exceptional response to our capital raise is a clear indication of the support of our shareholders for the expansion of our business into solar, battery storage and microgrids.
“The capital raised will allow us to accelerate our plans to grow the business rapidly across Australia and the region."
The 10MW Northam solar project in Western Australia is expected to be online by the end of the year.
Image: Ceto wave device (Carnegie)