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.