HFM Investments has supplied Carnegie Clean Energy with a $2 million unsecured finance facility to continue operations while several key projects that are currently underway are being completed.
The key projects include the 10MW Northam Solar Farm, which is being constructed approximately 100km east of Perth, and the 2MW solar PV and 2MW/0.5MWh battery system constructed on Garden Island, where final cabling work is being completed ahead of commissioning and final approvals are being sought from both Department of Defence and Western Power.
The facility to provide funding while these projects are nearing completion has been provided by HFM Investments, a company controlled by director Mike Fitzpatrick. The facility may be drawn down subject to mutual agreement and shall incur a coupon rate of 8 per cent per annum until 28 February 2019, and 18 per cent thereafter. The facility can be called or repaid at any time, and matures on 28 February 2019 unless extended by mutual agreement.