01 Performance CARNEGIE WAVE ENERGY

CEFC ANNUAL REPORT / 2014–15

Carnegie Wave Energy

The CEFC has provided a $20 million five-year loan facility to Carnegie Wave Energy Limited to accelerate the development of stage 6 of its CETO wave power technology.

Project Scope

Carnegie expects CETO 6 to be a commercial production version of its technology which uses wave power to pump high pressure seawater to generate electricity and desalinate water. It is a fully submerged system, which allows it to better withstand the harsh marine environment.

The CETO 6 Project is targeting a 3-unit array with 3MW total capacity. It is working towards completion in 2017 and electricity generated from the project is to be sold under a Power Purchase Agreement.

Carnegie invented, developed and owns the CETO wave energy technology that uses wave power to pump high pressure water that can be used to generate clean energy in the form of electricity and desalinated fresh water. It is a fully submerged system which allows it to better withstand the harsh ocean environment.

Progress report

  • In February 2015 Carnegie opened the world’s first grid-connected wave energy array, with the first electricity exported to the WA grid at HMAS Stirling

  • The desalination plant was commissioned off the electricity grid, also in February 2015

  • The plant achieved a major milestone in June 2015, with 10,000 operational hours, the longest continuous period of operation any in-ocean wave energy project achieved anywhere in the world.

Reaching financial close on the CEFC facility is a watershed moment for Carnegie as this is the first time ever that Carnegie has achieved a pure debt finance deal. It follows on from the commissioning of the Perth Wave Energy Project and is representative of the maturing nature of the CETO technology.” Carnegie CFO, Aidan Flynn

    Looking to the future

    The Perth Wave Energy project is Australia’s first commercial scale CETO grid-connected wave energy project. The technology places Australia at the leading edge of the emerging ocean energy sector, and in a strong position to benefit from the sector’s growth.

    The European Ocean Energy Roadmap estimates that by 2050, ocean energy could meet up to 15 per cent or approximately 100GW of the European Union’s power demand – powering some 115 million homes.