- $117,616 in revenue has been delivered through the sale of a batch of Large-Scale
Generation Certificates (LGCs) generated by the Garden Island Microgrid.
- The Garden Island Microgrid continues to provide revenue to Carnegie Clean Energy through
the sale of electricity to Department of Defence plus the sale of LGCs created from that solar
generation.
Carnegie Clean Energy is pleased to announce that it has
sold LGCs acquired through continued solar electricity generation from the Garden Island Microgrid
worth. This sale delivered $117,616 in revenue.
Carnegie Clean Energy's Garden Island Microgrid is a 2MW solar battery energy system with potential
to incorporate wave energy in the future. The system, located on Garden Island, provides power to
Australia’s largest naval base, HMAS Stirling, under a power supply agreement with the Department
of Defence.
In addition, as a registered renewable energy power station, one LGC is created for every megawatthour (MWh) of eligible electricity generated by Garden Island Microgrid.
As the owner of the Garden Island Microgrid, Carnegie receives revenue from both the sale of
electricity to the Department of Defence and the sale of LGCs.
What are Large-Scale Generation Certificates:
In Australia, Large-scale Generation Certificates (LGCs) are a cornerstone of the Renewable Energy
Target (RET) scheme. Each megawatt-hour of renewable electricity generated earns an LGC for the
producer. These LGCs are sold to liable entities like electricity retailers, who are required to surrender
them to the government to meet their renewable energy obligations. This market mechanism
incentivises renewable energy investment and development.
This announcement has been authorised by the Chairman and CEO.
