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

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.