Aussie Commercial Banks Start Backing Wave Energy

Australian wave energy technology developer Carnegie Wave Energy Limited and Commonwealth Bank of Australia (CBA) have completed the country’s first wave energy financing deal by a commercial bank.

CBA is providing a five-year, AUD 20 million loan facility as part of the financing required for the next stage of CETO technology development and commercialisation, the CETO 6 Project.

This will lead to the development of an export-ready wave technology for global application, according to Carnegie.

Additionally, CBA is also providing a further loan facility of a minimum of AUD 1 million that will provide part of the financing for the Garden Island Microgrid (GIMG) project, the world’s first wave-integrated microgrid project.

GIMG will be located on Garden Island, Western Australia, and will incorporate the CETO 6 project currently underway with the existing operating desalination plant along with a new additional Solar Photovoltaic (PV) farm, energy storage and a sophisticated control system.

Carnegie recently signed a Memorandum of Understanding with WA Government power utility Western Power to deliver the GIMG Project.

This financing deal will replace the existing AUD 20 million loan facility Carnegie has with the Australian Government’s Clean Energy Finance Corporation (CEFC).

“The wave energy sector is an industry of the future with great potential for Australia to be a world leader and exporter of renewable energy technology,” Gary McGrath, General Manager, Corporate Financial Services WA, Commonwealth Bank,

”We’re pleased to support Carnegie and the development of its CETO 6 Project and Microgrid Project and we are truly excited about the significant prospects for this new clean energy industry.”