Leading wave energy developer, Carnegie Wave Energy Limited (ASX: CWE) is pleased to announce it has been granted £9,551,962 (AUD$15.5m) from the European Regional Development Fund to support the first phase of its planned 15MW commercial wave energy project at Wave Hub, Cornwall in the United Kingdom.
Cornwall's Wave Hub is the world's largest and most technologically advanced site for the testing and development of offshore renewable energy technology. CWE is the only company in the world to have operated a grid-connected wave energy project over four seasons. This project focuses on the implementation of the 1MW stage 1 of a planned phased scheme, for which stage 2 (planned for 2020/21) will deliver a subsequent 15MW commercial array at the same site, offering a commercial return on investment.
The project will commence immediately, with commissioning set for 2018, followed by 12 months of operations. The £9,551,962 grant from the European Regional Development Fund, is part of the European Structural and Investment Funds Growth Programme 2014-2020, and forms 65% of the funding for stage 1: a £14.7m project to design, construct, install and operate a single 1 megawatt (MW) grid-connected CETO 6 wave energy converter device, adapted to local conditions and industrialised for large scale commercial deployment at the purpose built, Wave Hub test site in the UK.
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