Carnegie Clean Energy Provided An Update On Its Major Projects

Carnegie Clean Energy Limited (ASX: CCE) provided an update on its Major Projects on 28 September 2018. According to the company’s announcement, WA State Government has given confirmation to Carnegie that they have approved $2.625 million milestone payment as part of a variation to the first $5.25 million Albany Wave Energy Project milestone. The uncertainty associated with the proposed changes to the Federal Government’s R&D Tax Incentive scheme has impacted the timing of the delivery of Albany Wave Energy Project (AWEP) and remaining procurement activities associated with the balance of the first milestone. Indigenous Business Australia (IBA) which is a major co-owner of the Carnegie’s Northam Solar Farm will be acquiring an additional stake from Carnegie for approximately $2.5 million. After the completion of the independent valuation process, the exact equity amount to be purchased and will be decided.

As per another filing on ASX, the Final cabling installation work on Garden Island has also been completed however, the company is experiencing delays in other works due to the upgrading of parallel infrastructure at HMAS Stirling. The complete system testing is going to happen after the commissioning and final approvals from the Department of Defense and Western Power in December 2018. 

The battery energy storage system (BESS) at Delamere has been completed since August 2018 and now the solar and battery microgrid is also completed. It is expected that the Final practical completion will be achieved in Q4 once other works associated with the base upgrade are further advanced. Energy made Clean (EMC) which is a 100% owned subsidiary of Carnegie was given contract for designing, constructing and installing a Microgrid System at the CSIRO’s Square Kilometer Array Pathfinder project. In August 2018, the practical completion of the project was achieved, and it has been operational since then. The operations and maintenance team are remotely monitoring the system 24/7.

CCE’s share traded at $0.010 with a market capitalization of circa $28.81 million as on 3 October 2018 (AEST 1:46 PM).

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