Allens, in conjunction with Bellanhouse Legal, has acted for Australian wave energy technology developer Carnegie Wave Energy Limited in the company's signing of a $20 million loan facility with the Clean Energy Finance Corporation.
The five-year loan facility will be used by Carnegie Wave Energy to support the development of its CETO 6 project. The project, which began in 2013 and is in the design stage, aims to convert ocean swells into renewable power. It is designed to have at least double the power capacity of the CETO 5 project off the Western Australian coast. The site for the CETO 6 project has yet to be announced.
Perth Partner Ben Farnsworth led the Allens team on the matter.
Mr Farnsworth said the deal was significant for several reasons.
'This loan facility with the Clean Energy Finance Corporation, which is a Federal Government body, is the first of a new hybrid corporate loan/project finance financing structure that was developed specifically for this transaction.
'We were delighted to assist Carnegie Wave Energy with their financing arrangements with the Clean Energy Finance Corporation to fund the development of this exciting renewable energy technology. The financing represents an important milestone for Carnegie's CETO 6 project as it will provide a significant portion of the project's capital requirements.'
Allens legal team
Ben Farnsworth (Partner – Perth); Jamie Donnelly (Associate (admitted in Scotland, not admitted in Australia – Perth)
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Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.