Carnegie enters administration

15/03/2019 - 11:59

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Carnegie Clean Energy has gone into voluntary administration, three days after the state government withdrew funding for its Albany Wave project.

Carnegie enters administration
The state government terminated $13.1 million of funding for Carnegie's wave project.

Carnegie Clean Energy has gone into voluntary administration, three days after the state government withdrew funding for its Albany Wave project.

Korda Mentha’s Richard Tucker and John Bumbak have been appointed administrators of Carnegie and its solar microgrid subsidiaries, which includes Energy Made Clean.

In a statement, Korda Mentha said it would attempt to secure funding to allow the company to continue trading while it seeks to recapitalise the business.

Earlier this week, the state government terminated $13.1 million of funding it had allocated towards the project.

The move came a week after the company reported a net loss of $45 million for the half year.

Carnegie had already received around $2.63 million under its agreement with the government, and it emerged in parliament in September that the company had received the capital despite not meeting targets at the Albany project.

In 2017, the federal government’s Australian Renewable Energy Agency granted approval for $28 million of funding for Carnegie's projects.

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