Carnegie Wave Energy has secured £9.6 million from the European Regional Development Fund (ERDF) for the first phase of its planned 15MW commercial wave energy project at Wave Hub.
The project will begin immediately, with commissioning set for 2018, followed by 12 months of operations, according to Carnegie.
First phase of the project, worth £14.7 million, involves the design, construction, installation and operation of a single 1MW grid-connected CETO 6 wave energy converter device, adapted to local conditions, and industrialized for large scale commercial deployment at the purpose built Wave Hub test site in the UK.
The second stage, planned for 2020/21, will deliver a subsequent 15MW commercial array at the same site, offering a commercial return on investment.
Michael Ottaviano, Carnegie’s CEO, said: “Being able to deploy our commercial generation CETO units at the purpose built, grid connected Wave Hub test site, that also offers project expansion capability, significantly derisks and accelerates our path to commercialization.
“We are pleased that stage 2 is set to offer a commercial return on investment with its 15MW array which will allow third party investment in this stage. It is a major endorsement of Carnegie and its CETO technology and representative of our ability to export this technology to the world.”
George Eustice, Minister of State at the UK Department for Environment, Food and Rural Affairs (DEFRA), added: “Cornwall offers a cluster of academic and industrial expertise, world class test facilities, infrastructure and resources which ensures it is well positioned to play a significant role in securing the UK’s continued reputation as a market leader in offshore renewables.”
The project will be delivered locally by Carnegie’s UK subsidiary, CWE UK, based at Hayle Marine Renewable Business Park.