Carnegie Wave Energy has inked a A$20 million (US$14.3 million) loan facility deal with Commonwealth Bank to fund the next stage of its CETO 6 wave energy project.
The five-year deal is for the next stage of CETO 6 technology development and commercialisation, which will lead to the development of an export ready wave technology for global application.
Additionally, Commonwealth Bank is also providing a further loan facility of a minimum of A$1 million that will provide part of the financing for the Garden Island Microgrid (GIMG) project.
The GIMG Project will be the world’s first wave-integrated microgrid project. It will be located on Garden Island, WA and will incorporate the CETO 6 Project currently underway with the existing operating desalination plant along with a new additional solar farm, energy storage and a sophisticated control system.