The funding has been awarded following a competitive process and forms part of an overall $235 million award to four renewable energy demonstration projects across a range of emerging renewable technologies.

Geodynamics applied for funding under the REDP to establish a 25 MW geothermal power station in the Cooper Basin. The principal objective of this Commercial Demonstration Plant (CDP) is to demonstrate cost effective technology at a commercial scale to give lenders confidence to finance the commercial roll out of subsequent units and transmission lines.

The company wants to reach this point in the most cost effective way and is of the opinion that the 25 MW capacity of the CDP is the minimum output that would demonstrate commercial scale to the satisfaction of lenders. This opinion has been confirmed with a variety of institutional lenders. The 25 MW capacity is also appropriately matched to the range of potential local users of the power from the CDP that are being investigated by the Company.

REDP: Four Projects Receive $235 Million

The Minister for Resources and Energy, Martin Ferguson AM MP, awarded $235 million to four commercial-scale renewable energy projects from the REDP. This funding – combined with money from successful applicants – will deliver approximately $810 million in renewable energy investment in Australia. It will deliver almost 80 MW of new renewable generation from wave technology, geothermal sources, and an integrated mini-grid project involving wind, solar, biodiesel and storage technologies.