Australia awards US$216 million of which US$141 million for geothermal projects
Alexander Richter
9 Nov 2009
The Australian government has awarded US$214 million to four commercial-scale renewable energy projects from the Renewable Energy Demonstration Program (REDP), of which US$141 million go to geothermal projects of Geodynamics and Petratherm.
Reported in Australia, “The Australian government has awarded $235 million to four commercial-scale renewable energy projects from the Renewable Energy Demonstration Program (REDP).
This funding – combined with money from successful applicants – will deliver approximately $810 million in renewable energy investment in Australia. It will deliver almost 80 MW of new renewable generation from wave technology, geothermal sources, and an integrated mini-grid project involving wind, solar, biodiesel and storage technologies.
The four successful lead companies are MNGI Pty Ltd (Petratherm), Geodynamics Pty Ltd, Victorian Wave Partners Pty Ltd and the Hydro-Electric Corporation (Hydro Tasmania).
“These projects will diversify Australia’s energy supply and help deliver the Government?s expanded Renewable Energy Target of 20% by 2020,” Minister Ferguson said. “The REDP will support the commercialisation of renewable energy and help accelerate the deployment of new renewable energy technologies for power generation in Australia.”
The two geothermal projects proposed by Petratherm and Geodynamics in South Australia deploy different technologies in two different geological settings. Both will significantly add to the body of knowledge supporting Australia?s geothermal energy sector.”
More details about the awards to PetraTherma and Geodynamics in following news pieces.
Source: Bloomberg
