Wave energy specialist and solar, battery microgrid project developer Carnegie Clean Energy (CCE) has secured a 12‐month AU$7.5 million (US$5.8 million) construction debt finance facility for its Northam Solar project in Western Australia from Perth-based private investment group Asymmetric Credit Partners.
Once the project is commissioned, Carnegie plans to refinance the debt facility with a major Australian retail bank. First draw down of the debt finance for the Northam project is scheduled for 15 December 2017.
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The battery storage-ready project will include around 34,000 modules over 25 hectares of land.
This will be the first large-scale solar project to be delivered as part of the joint venture between Carnegie’s wholly-owned subsidiary Energy Made Clean and property and infrastructure company Lendlease.