A$4.5m Strategic Investment by Carnegie Wave Energy
In April 2016, Carnegie Wave Energy Limited (“Carnegie”) completed a strategic investment in the emerging Western Australian-based renewable development group, Energy Made Clean (“EMC”).
The transaction comprised 3 parts:
- The acquisition by Carnegie of a 15% interest in EMC in exchange for A$1.5m in Carnegie scrip
- A$3.0m investment by Carnegie in EMC, taking its combined shareholding to 35%
- A strategic alliance between EMC and Carnegie, pursuant to which the parties will share resources, skills and expertise to pursue renewable energy projects that require a combination of wave, solar and energy storage technologies
Azure acted as financial adviser to EMC on the transaction.