Australian solar energy, battery storage and wave energy project developer Carnegie Clean Energy has furthered its intent to merge Energy Made Clean (EMC) with Tag Pacific by signing three key binding documents, including the binding sales and purchase agreements.
EMC provides mixed renewable energy microgrid projects to islands and remote communities, while Tag Pacific is a Sydney-based investment house that invests in the power industry.
The merger is expected to create one of the region’s largest, specialist Engineering, Procurement, Construction (EPC) and Build, Own, Operate (BOO) specialists.
After the merger, the newly combined business will be renamed MPower and is expected to be one of the leading renewables, battery storage and microgrid developer, designer and constructor in the region with active projects across Australia, New Zealand and the Pacific.
The transaction is expected to close by the end of next month and is subject to completion of an A$4m ($2.9m) capital raise by Tag and approval of both Carnegie and Tag shareholders.
Upon completion of the deal, Carnegie will continue as a renewable energy company and will remain focused on the commercialisation of its CETO wave energy technology.
Additionally, Carnegie will retain its ownership of the Garden Island Microgrid and its current 50% ownership of the Northam Solar Farm.