Carnegie signs funding deal with Asymmetric

09/10/2017 - 14:05

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Carnegie Clean Energy has secured a $7.5 million debt facility with a Cottesloe-based investment group to assist with development of a 10-megawatt solar power station in Northam.

Carnegie signs funding deal with Asymmetric
An artist's impression of the 10MW solar power station in Northam.

Carnegie Clean Energy has secured a $7.5 million debt facility with a Cottesloe-based investment group to assist with development of a 10-megawatt solar power station in Northam.

Carnegie told the market today it would start drawing down on the facility with Asymmetric Asset Management in December. The interest rate was not disclosed.

Asymmetric is led by fund managers Dean Stockwell and Anthony Shields, who co-founded the business in 2012.

The funds will be put towards construction of a 10MW solar power station in Northam, which is being carried out under a joint venture between Carnegie subsidiary Energy Made Clean and Lendlease.

The project, which was announced in March, has a $20 million capex.

“Upon completion of project construction and commissioning, Carnegie plans to refinance the debt facility with a major Australian retail bank,” the renewable energy company said.

Carnegie also said it had undertaken a corporate debt restructure, and had wound-up its $2.8 million unlisted convertible note, which was established in late 2013.

“Carnegie will issue, for zero consideration to the convertible note holders, an additional 19.6 million ordinary shares and 35 million unlisted five-year options with an exercise price of 6 cents,” it said.

It comes just days after Carnegie secured $16 million from the state government for a wave energy project in Albany.

Carnegie shares were unchanged at 4.8 cents each at the close.

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