Carnegie Wave Energy Ltd., as part of its US$46 million CETO 6 project, is generating energy from a grid-connected CETO 6 unit off the coast of Garden Island in Western Australia, according to published reports. The Australian Renewable Energy Agency (ARENA) said the unit will provide power for HMAS Stirling, Australia’s largest naval base.
The CETO 6 system operates under water, converting ocean wave energy into electricity and desalinated water. Each CETO 6 unit will have a targeted, nominal 1 MW power capacity and transmit that power onshore via subsea cable.
In 2014, Australia's Clean Energy Finance Corp. (CEFC) provided a $18.2 million five-year loan facility to Carnegie, to help Carnegie accelerate the final stage of development for the CETO 6 generating system.
In November 2015 Carnegie and Commonwealth Bank of Australia completed a financing deal for a five-year $20 million loan facility, replacing the existing loan facility Carnegie had with CEFC.
“This progress is a clear example that given time, and with the right government support, emerging renewable energy technologies can progress along the innovation chain towards commercialization,” said Ivor Frischknecht, ARENA chief executive officer.
According to Carnegie, wave resources in Western Australia, which has a population of about 2.5 million, are the best in the world. The organization thinks, “theoretically, the resources that hit the coastline everyday could power the state 10-times over.”