​Firms ride new energy wave

Peter Godfrey
by |
Allens and Herbert Smith Freehills have helped secure finance in an innovative clean energy technology deal. 

Allens acted for Australian wave energy technology developer Carnegie Wave Energy Limited (Carnegie) in the company’s signing of a $20 million loan facility with the Clean Energy Finance Corporation (CEFC).

Carnegie also received advice from boutique firm Bellanhouse Legal.

Herbert Smith Freehills advised the CEFC on the five year loan facility to Carnegie to develop and implement its patented CETO wave energy technology.
Allens was led by Perth-based partner Ben Farnsworth.

“The financing represents an important milestone for Carnegie's next CETO project as it will provide a significant portion of the project's capital requirements,” said Farnsworth.
“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,” he added. 

The Herbert Smith Freehills team was led by partner Joel Rennie.

Carnegie is listed on the Australian Stock Exchange and is the inventor, owner and developer of a fully-submerged wave energy technology which will convert ocean swell into zero-emission renewable power and can also be used for desalination of seawater.

The CETO project, which began in 2013 and is in the design stage, aims to convert ocean swells into renewable power.