Greenearth still committed to Anglesea geothermal
An unstable climate for investment in the renewable energy sector is not affecting the commitment of an energy company to a local geothermal resource project in Anglesea.
Greenearth Energy’s Geelong Geothermal Power Project (GGPP) got their expression of interest (EoI) submission rejected by the Australian Renewable Energy Agency (ARENA).
By September 30th there needs to be a suitor for the activation of the match funding (A private investor must match the investment made by the government), yet there have been several extensions in order to give Greenearth Energy more time to find the necessary resources.
Company managing director Samuel Marks said, “(It) proposed a de-risked approach to commercializing geothermal resources in Victoria”.
Mr. Marks also said the de-risked approach involved the drilling of a smaller test well to further understand the resource before moving to a proof of concept plant. “Greenearth Energy maintains that the GGPP is a compelling geothermal prospect for Australia and we are disappointed with the feedback on the EoI request, particularly given our application was in-line with ARENA’s proposal and provided a very clear five stage path to commercialization.”
Source: Surf Coast Times