Greenearth Energy faced with rejection of federal funding for Geelong project
Greenearth Energy has been unsuccessful to receive approval for federal funding under the Emerging Renewables Program of ARENA, despite having secured A$25 million from the State of Victoria for the project.
Geothermal developer Greenearth Energy is faced with a rejection of federal funding for its 12 MW Geelong geothermal project.
It is now unclear how things can proceed, but the company is doubtful the project can continue. Funding was denied under by the Federal Government’s Emerging Renewables Program (ERP), administered by Australian Renewable Energy Agency (ARENA).
The Geelong Geothermal Power Plant is located near Geelong, approximately 11km North West of Anglesea, on the Holcim Ltd Moriac quarry site. The project has three planned stages; drilling to prove the local geothermal resource, constructing a 12 MW demonstration plant, and if the demonstration project amounts, the development of a commercial plant.
The company had secured funding from the Victorian State Government for up to $25 million, with $5m for stage 1 and $20m for stage 2. Part of negotiations with the state government included an extension period and assistance for the company to apply for match funding from the Federal Government”, which has now rejected it.
Source: Renew Economy