Carnegie taps market for $5m

Recently renamed Carnegie Clean Energy has launched a $5 million capital raising to prepare itself for opportunities that may come up through its joint venture with developer Lendlease.

Fremantle-based Carnegie said today it had received firm commitments for a $5 million convertible note raising priced at 8 cents per share, representing a 47 per cent premium to the company’s 20-day volume-weighted average price.

The renewable energy company said the funds would be used to fast-track project opportunities, particularly those that may arise through a 50:50 joint venture agreement between Lendlease and Energy Made Clean, which was acquired by Carnegie late last year.

The three-year (initial) joint venture between EMC and Lendlease was formed in December, with the two companies to combine their skills to bid for, and deliver, a broader range of renewable energy opportunities in Australia.

 The proceeds from the convertible note raising will also be used by Carnegie to refinance and existing $500,000 facility with EMC.

Carnegie shares were 5 per cent lower to 7.5 cents each at 10am.