Geodynamics Receives $90M for Hot Rock Project

Nov 10 2009 | 5:45pm ET

Australia’s Geodynamics has received $90 million in funding under Australia’s Renewable Energy Demonstration Project (REDP) for a 25MW geothermal power plant in the Cooper Basin.

The funding will be awarded over the life of the project with the final grant payment to be made following the plant’s commissioning, expected in late 2013.

Geodynamics uses Hot Fractured Rock (HFR) technology to extract heat from broken granite beneath the earth’s crust.

The Cooper Basin plant is intended to demonstrate cost effective technology at a commercial scale and, it is hoped, inspire lenders to finance the commercial rollout of subsequent units and transmission lines.

The award was announced by the Australian Resources & Energy Minister, Martin Ferguson, under the REDP, which has awarded funding totaling A$235 million ($215 million) to four renewable energy projects, aimed at meeting the government's target of generating 20% of the country’s energy needs from renewable sources by 2020.


In Depth

The Benefits Of Private Debt Investing

May 7 2015 | 10:43am ET

Jeffrey Haas is chief operating officer of Old Hill Partners Inc., an SEC-registered...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

How To Generate 6% Yield In A Volatile World

May 22 2015 | 6:41am ET

Private credit comes in many different flavors, all with the common themes of over...

 

Editor's Note