Adelaide Advertiser
Friday 17/4/2009 Page: 81
Petratherm has entered the bidding for a share of the Federal Government's $435 million Renewable Energy Demonstration Program (REDP), lodging a funding application yesterday. The Adelaide-based geothermal energy company has submitted an application for up to a third of the expected $200 million cost of its Paralana project in the northern Flinders Ranges.
Petratherm said the REDP offered up to one third of the cost of renewable energy projects, with grants expected to be in the order of $50 million to $100 million. "The 30 MW commercial demonstration project has an estimated cost of approximately $200 million, and includes network connection to the nearby Beverley uranium mine, just 11km away from the project site," the company said in a statement. "Petratherm has sought funding for one third of eligible expenditures.
"Petratherm and its joint venture partners, Beach Petroleum and TRUEnergy Geothermal, consider the Paralana project to be the best commercial geothermal energy project in Australia, and have submitted a compelling and competitive application built on the key attributes of the Paralana project."
Petratherm said the benefits of the project included a clear path to commercialisation, based on the initial provision of 30MW of power into the local market, followed by 260-520MW into the national electricity grid. It also had "a financially strong group of joint venture partners ... with complementary skills and excellent project management capability needed to successfully address matters ranging from the sub-surface through to power generation and the sale of power in the national electricity market."
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