Australian Government Grants First Milestone Payment for CWE’s Perth Wave Energy Project

Wave energy developer Carnegie Wave Energy Limited (ASX: CWE) announces that the first milestone payment under its Federal Government grant for its Perth Wave Energy Project has been approved.

The payment of $248,561 plus GST is expected to be received by Carnegie in the coming days after approval from the Australian Renewable Energy Agency (ARENA). The milestone was for the completion of the Basis of Design for the Perth Wave Energy Project (PWEP) at Garden Island and completion of the community consultation and risk management plans for the Project.

• The Basis of Design includes preliminary design documentation for the CETO Unit, foundation system, pipeline system, mechanical interfaces and installation, instrumentation and control and power generation system and grid connection.

• The community consultation plan identifies all key stakeholder groups, outlines the proposed community consultation processes to be undertaken, details how community consultation activities align with Milestones and identifies the process for maintaining an up-to-date record of complaints and questions arising from community consultations.

• The risk management plan includes clear identification and documentation of all key Project risks and categorisation of those risks covering both likelihood of occurrence and potential consequence. It also includes the proposed mitigation strategies and associated action to eliminate or minimise those risks and a process for regularly monitoring and updating the risk management plan.

The detailed design and approvals for the PWEP are well advanced and on track to be completed by the end of 2012.

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Press release, October 2, 2012; Image: Carnegie Wave Energy