Petratherm Awarded AU $62.8M Grant for Paralana Geothermal Project

Sydney, Australia [RenewableEnergyWorld.com] Petratherm and its joint venture partners Beach Petroleum and TRUenergy Geothermal are delighted to advise that the Paralana Geothermal Energy Project has been awarded a AU $62.762 million (exclusive of GST) Renewable Energy Demonstration Program (REDP) grant.

The grant is conditional on the successful negotiation of a Funding Deed with the Department of Resources, Energy & Tourism within 30 days of receipt of the offer. The $62.762 million grant monies are to be applied to the development of a 30-megawatt (MW) geothermal demonstration project post the proof of concept stage currently underway at the Paralana project.

Petratherm’s Paralana project’s longer-term aim is to develop Australia’s first large-scale (260+ MW) base load geothermal power station to deliver zero emission electricity to the National Electricity Market. The funding provided under REDP is on a 2:1 basis, where the joint venture will invest $2 for $1 provided under the government grant.

The REDP funding is in addition to the recent $7 million Geothermal Drilling Program grant funding awarded to the project earlier this year. The funding has been awarded following a competitive process and covers $235 million in grants for four renewable energy demonstration projects across a range of technologies.