Green Rock Energy secures $5.4m government funds for Mid West project

Green Rock Energy secures $5.4m government funds for Mid West project Western Australia (source: flickr/ Dinaiz, creative commons)
Alexander Richter 25 Jun 2012

Green Rock Energy has secured $5.4 million in Low Emission Energy Development funding from the Western Australia government for its Mid West Geothermal Project.

Australian geothermal developer Green Rock Energy has announced today that its application for the Western Australian Low Emissions Energy Development (LEED) funding for its Mid West Geothermal Power Project was successful.

“The funding applied for was $5.38 million (US$5.4 million) and this success will strengthen the case Green Rock has made to the Commonwealth’s Emerging Renewables Program which puts a strong emphasis on State support.

“This announcement represents a substantial step towards commercialising the very large hot sedimentary aquifer geothermal resources in our Mid West exploration permits1. We look forward to working with the State Government so that geothermal power can make a significant contribution to the State’s electricity demand.

We consider the project to be a strong contender for the Commonwealth’s Emerging Renewables funding and our objective is to have the majority of at least the first well costs covered by LEED and Emerging Renewables Program funds. This would address the lack of private investor appetite in Australia for the drilling necessary to demonstrate commercial production of geothermal energy. However, once demonstrated in the Mid West, we are confident that industry and utility investors will recognise the value of the very large geothermal resource and its proximity to existing power infrastructure and a rapidly-growing energy market in the Mid West Region.”

The Mid West Geothermal Power Project is also the focus of previous Green Rock announcements on its alliance with Pacific Hydro for geothermal power generation and its agreement with New World Energy to jointly develop both companies’ geothermal exploration permits in the Mid West.”

Source: Company release (pdf)