Funding secured for Garden Island Microgrid Project

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Energy Limited has secured $2.1 million project financing from Commonwealth Bank Australia (CBA) for its Garden Island Microgrid Project, in addition to a $4 million revolving research and development facility.

The Garden Island Microgrid Project involves the construction and operation of a 2MW solar PV array, a 2MW/0.5MWh battery energy storage system and a control system.

Construction of the project is complete apart from the final cabling and grid connection expected in coming months, to be followed by the delivery of power to the Australian Department of Defence under a long-term power supply agreement.

The R&D facility, also provided by CBA, assists Carnegie with working capital primarily for the delivery of Carnegie’s Wave Energy commercialisation activities. 

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