Wave energy developer Carnegie Wave Energy has received approval for $460,246 of Government grant payments, including $267,238 from the WA State Government under the Low Emission Energy Development (LEED) fund.

This represents the final payment to be received for the Perth Wave Energy Project from the LEED fund, the company informed.

Carnegie will receive payments from LEED for the final two operational milestones of $133,619 each. Separately, the final desalination milestone payment has been approved by AusIndustry
for $11,929, leaving only a final 5% grant retention amount to be paid after 12 months operation at Project completion.

Carnegie has also received approval from the Australian Renewable Energy Agency (ARENA) for a milestone payment of $181,079 for the practical completion of the Project.

This brings the total of all approved milestone payments across the Perth Project to 95% as per the funding agreements.