Green Rock Energy signs MOU with potential buyer for geothermal project
Skyline of Perth, West Australia (source: flickr/amandabhslater, creative commons)
Alexander Richter
6 Jun 2013
Australian developer Green Rock Energy has signed a memorandum of understanding with Western Australian utility Synergy as potential offtaker for the company's planned Perth Basin geothermal power projects in Australia.
Australian geothermal development company Green Rock Energy (ASX: GRK) announces it has signed a Memorandum of Understanding with Western Australia’s largest electricity retailer, Synergy, as a potential offtake partner for its planned Perth Basin geothermal power projects.
“Under the Memorandum of Understanding, Synergy, energy explorer and producer AWE Australia, and renewables generator Pacific Hydro have all signed on to support the planned demonstration project.
Synergy said the agreement aligned well with its ongoing commitment to explore emerging energy technologies and that if the demonstration project proved successful, it would become the offtake entity for any future energy arrangements.
Green Rock plans to tap the geothermal energy from hot sedimentary water aquifers in the Perth Basin to generate electricity with the demonstration project targeting generation capacity of up to 5 megawatts.
The company has already received Western Australia State Government funding from the Low Emissions Energy Development program and is seeking Federal Government Funding through the Emerging Renewables Program under the Australian Renewable Energy Agency.”
The first phase of Green Rock’s project will see the drilling of a well in the Dongara area to a depth of about 3 kilometres in the first half of 2014.
Commercial flow rates will lead the company to drill a second well and that should in turn pave the way for first power being generated by the end of 2015.”
Source: Proactive Investors
