The solar project is strategically located 100 kilometres east of Perth and will consist of 34,000 solar panels constructed on 25 hectares of land.
The Northam Solar Project is expected to deliver circa 24,000 megawatt hours of electricity per annum for at least the next 25 years.
Carnegie had originally initiated a $6 million capital raise via a share purchase plan with an option to accept oversubscriptions.
Interestingly, Carnegie decided to accept over-subscriptions of circa $9 million in response to the overwhelming investor demand.
The company also accepted a further $3 million of commitments through a private placement.
In addition to the Northam Solar Project, the new funds will also be used to support Carnegie’s solar and microgrid project pipeline development and delivery, via its subsidiary company Energy Made Clean.
Energy Made Clean is a solar and battery microgrid developer providing off-grid power and utility scale solutions.
The company specialises in the delivery of mixed renewable energy microgrid projects, ideally suited to island, remote and fringe of grid communities.
Within Australia, Carnegie delivers its solar energy and battery storage projects via a joint venture between Energy Made Clean and multinational property and infrastructure company Lendlease Group (ASX:LLC).
The settlement of the total $18 million in funds and issue of shares will occur over the next 10 days.
Carnegie’s shares were last trading 4.35% higher intra-day on Thursday, at $0.072.