PERTH, Australia 5/3/12 (PennWell) -- Carnegie Wave Energy has secured a $10.3m grant from the federal government to support its $32m grid-connected CETO wave energy project which will be located at Garden Island, near Perth in Western Australia.
The Western Australian Government provided US $5.6 million for the project as part of the state's low emissions energy development program.
The wave energy developer said it also secured $16.5m equity funding from the Australian Special Opportunity Fund, a US -based institutional investor to support the project, reports Energy Business Review.
The project is set to have a capacity of 2 MW and power is due to be added to the grid by the end of 2013.
The project which will use Carnegie's submerged CETO technology can be expanded to 5 MW, at a later stage.
Carnegie announced it applied for a Foreshore License for an offshore demonstration project near County Clare, Ireland, in December 2011.