Fiji geothermal development
There is geothermal development in Fiji and a number of companies working on developing geothermal power projects in the country. There are 3 companies that are publicly talking about geothermal development, local Geothermal Electric Ltd., Australian KUTh Energy, and U.S. TriModal.
There is geothermal development in Fiji and a number of companies working on developing geothermal power projects in the country. There are 4 companies that are publicly talking about geothermal development, local Geothermal Electric Ltd., Australian KUTh Energy, Australian Morgan Mitchell Investments, and U.S. TriModal.
Geothermal Electric (GEL), a private limited company incorporated in Suva. The company “is dedicated to exploring and developing Fiji’s most promising geothermal resources, at low cost, to provide good returns on investment to the company’s shareholders and to make an effective contribution to developing Fiji’s economy.
GEL is a wholly owned subsidiary of Asia Pacific Resources Limited, a private mineral exploration and mining company incorporated in Suva which operates a mine (zinc, gold and other metals) in North Tailevu province. GEL has no connection with any other energy company.
The company does not plan to publicly list on the South Pacific Stock Exchange or elsewhere. However, opportunities for individuals and corporate entities to invest in GEL are expected to become available in 2009 after requirements of the Capital Marketing Development Authority (CMDA) have been fully addressed. GEL will be an unlisted limited public company.
GEL has been granted a licence to explore for geothermal resources at Savu Savu, Fiji’s most promising geothermal site. If the drilling program is successful, a small electricity generating station will be built. It is expected to supply electricity to houses and businesses presently connected to the Fiji Electricity Authority (FEA) network, immediately reducing the amount of diesel fuel that has to be purchased by the FEA, although the initial amount will be small. The timing of electricity supply, and the quantity, will be derived through close cooperation between the company and FEA.
Further holes will then be drilled, including in the Labasa-Tabia region, Fiji’s second most promising geothermal area. If the drill holes yield water of sufficient temperature and flow, a larger electricity generating station will be installed there.”
A wholly owned subsidiary of KUTh Energy Ltd. (TSX:KEN) from Australia, “KUTh Exploration Fiji Ltd has submitted four geothermal exploration licence applications in Fiji. Each of the licence areas is centred on natural hot springs and prospective geology and is located close to electricity transmission lines. Fiji also has potential major off-grid industrial customers, including some in the mining sector.” (see company press release of September 2008).
Mitchell Morgan Investments (an Australian investment boutique with a focus on property and resources) has also eyed geothermal exploration and has been at some time been in the process applying for geothermal exploration licenses.
TriModal (see company website), a Washington U.S. based technology provider, is currently sourcing for project partners in Fiji. The company has “signed contract to supply 1100 megawatts of combined geothermal, solar, and wind power to Fiji both within its major cities and even down to the village level. Through (its) technologies and partner’s technologies, TriModal plans to convert Fiji to a 95% renewable energy country, and by doing so, make it a model for the rest of the world. Fiji has agreed to put up its timber sources for the company to use as collateral so that it can fund their project.
So it looks like geothermal development is kicking off in the country. Will follow this closely.
Initial press release talking about governments involvement (Fiji government)