5.3 Million Dollars For Solar Project

Carnegie Clean Energy, an Australian firm, has allocated AU$5.3 million (~US$4 million) to build its solar PV, battery energy storage and wave energy businesses.

Carnegie beforehand announced on 30 April 2018 that it had initiated a Share Purchase Plan which allowed all eligible Carnegie shareholders to buy between AU$2,500 and AU$15,000 worth of shares in Carnegie at 3.0 cents per share.

Buying Solar Panels

Carnegie announced the funds raised would be used to move its wave and solar-hybrid businesses toward profitability, being used as working capital to deliver its existing projects, to further develop and convert its contract pipeline, develop its build, own and manage project pipeline and to pursue opportunities to expand its businesses either organically or through corporate transactions.

Carnegie controls CETO Wave Energy Technology intellectual property as well as Australian battery and solar microgrid EPC company Energy Made Clean (EMC), which specializes in the delivery of mixed renewable energy microgrid projects to islands and isolated and fringe of grid communities.

Carnegie’s managing administrator, Dr Michael Ottaviano, stated: “We thank our shareholders for their support in the capital raise. We will now use this new capital and our existing funds to accelerate our businesses towards financial sustainability.”

In March, Carnegie started assembling the 10MW Northam Solar Farm, which will be amongst the leading utility-scale PV projects to be developed on a merchant basis in Western Australia.

Australia has the highest average solar radiation per square meter of any landmass in the world. Large-scale solar electricity is rapidly expanding in Australia. More than two million Australian homes currently have a solar system on their rooftop.

The Future Of Solar

Grimes stated the solar boom “was only going to grow” in future.

“Solar is the cheapest way to generate electricity in the world – full stop,” he stated. “It’s not unusual for grid pricing to be north of 20c per kilowatt hour in the majority of jurisdictions. A solar array, at an average size for an average home, if you amortize the price over 20 years, the effective rate is 5c per kilowatt hour. That’s called an economic no-brainer.”

He said the rush to install rooftop panels could have been ignited by January’s warm weather and increasing energy prices.

“I think people are acutely aware of energy prices. People are running air conditioning and thinking, ‘hooley dooley I’m going to get a bill’.”

2017 marked a record 1.25GW of solar power added to the grid nationally, adding both large-scale solar farms and rooftop panels. The foretold rate of rooftop panels alone in 2018 is presumed to be 1.3GW.

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