Carnegie raising grows to $18m

Carnegie Clean Energy has tripled the size of its capital raising to $18 million after accepting oversubscriptions from a share purchase plan and undertaking an additional placement.

North Fremantle-based Carnegie said it had accepted $9 million in oversubscriptions from its previously announced $6 million share purchase plan, priced at 6.7 cents per share, and had also accepted a further $3 million of commitments through a private placement mostly to existing shareholders.

“This exceptional response to our capital raising is a clear indication of the support of our shareholders for the expansion of our business into solar, battery storage and microgrids,” Carnegie managing director Michael Ottaviano said.

“The capital raised will allow us to accelerate our plans to grow the business rapidly across Australia and the region.”

The capital raising was announced late last month, with the proceeds to be used to fund Carnegie’s share of the development costs of the $20 million Northam solar power project, a joint venture project between Carnegie and Lendlease.

Shares in Carnegie were 4.3 per cent higher to 7.2 cents each at 11am.