Wave energy to power Australian navy

WAVE energy developer Carnegie Wave Energy has signed landmark power supply and grid connection agreements with the Australian Department of Defence for its Perth Wave Energy
Project (PWEP) at Australia’s largest naval base: HMAS Stirling on Garden Island, WA.
Unveiled in Fremantle last month by Prime Minister Julie Gillard and the Federal member for Brand Gary Gray, the agreements govern the exclusive purchase of all electricity generated from the PWEP and the connection to HMAS Stirling’s electrical infrastructure.
Carnegie is the owner and developer of the CETO wave energy technology: a system that distinguishes itself from other wave energy devices by operating out of sight, anchored to the ocean floor.
The Federal and WA Governments funded about 50 per cent of the project’s cost through their Emerging Renewables and Low Emissions Energy Development programs.
“It is significant, in light of current efforts by international navies to increase their renewable energy mix, such as the US Navy, for the Australian Department of Defence and Royal Australian Navy to be supporting the development of emerging clean technologies like Carnegie’s CETO through the purchase of electricity,” Carnegie managing director and chief executive Dr Michael Ottaviano said in a statement.
“We greatly appreciate the efforts of the Defence Support Group in facilitating our development efforts, along with the support of the Australian and Western Australian Governments in co-funding the project.”
According to Carnegie, the signing of this agreement marked the end of a rigorous assessment process by the Australian Department of Defence and symbolised the department’s
ongoing commitment to reducing its environmental footprint.
While providing HMAS Stirling with a source of renewable green power, the project will also contribute to Australian Department of Defence and Commonwealth greenhouse gas
reduction targets.
Carnegie is now focussed on the progression of the detailed design of the project and is aiming to deliver first power to the grid at the end of 2013.
The company is continuing to undertake stakeholder consultation in order to gain feedback on all aspects of the project while also seeking the various approvals and permits required
to construct and operate the project.
A few days prior to this announcement, Carnegie revealed that major shareholder Renewable Energy Holdings had sold 53 per cent of its interest in the company via an off-market transfer to a consortium of Australian investors led by 88 Green Ventures (Australia). Renewable Energy also agreed to distribute its remaining stake in Carnegie to its shareholders through an
in specie distribution expected before the end of 2012.
Dr Ottaviano said that Carnegie was pleased the transaction had taken place. “It allows REH [Renewable Energy Holdings] to fund its working capital requirements and allows REH’s
shareholders to have direct ownership in Carnegie upon completion of the in specie distribution,” he said.
“For Carnegie, it removes a large active seller from the marketplace and, with it, the associated downward share price pressure.
“Furthermore, it replaces REH with a small consortium of supportive investors with a long-term focus, led by an existing shareholder with an outstanding track record in power and infrastructure investment.”

Leave a Reply

Your email address will not be published.

* Copy This Password *

* Type Or Paste Password Here *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>