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Minister for Regional Development; Agriculture and Food; Ports;

Minister Assisting the Minister for State Development, Jobs and Trade

Funding agreement with Carnegie Clean Energy terminated

The State Government has terminated its Financial Assistance Agreement with Carnegie Clean Energy to deliver the Albany wave energy technology development project, following an assessment of the company's financial capability to deliver the project. In October 2018, the State Government exercised its power under the agreement to require Carnegie to provide a comprehensive and detailed funding plan for their $25.6 million contribution to the project. That followed concerns about the company's finances, driven by uncertainty surrounding the future of Federal R&D tax concessions, losses from other operations and asset write-downs.

Minister's Video | Media Statement |

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