Carnegie Wave Energy has secured a $21 million loan facility with Commonwealth Bank of Australia, providing funds for final commercialisation of zero emission wave electricity.

The first wave energy financing deal in Australia, it will finance the next stage of CETO technology development and commercialisation, as well as provide part of the financing for the Garden Island microgrid project.

The Garden Island project will incorporate the CETO 6 project currently underway with the existing operating desalination plant along with a new additional solar photovoltaic farm, energy storage and a sophisticated control system.

The deal will replace the existing $20 million loan facility with the Australian Government Clean Energy Finance Corporation.