Australian Geodynamics qualifies for USD-90m state grant

(ADPnews) - Oct 15, 2010 - Australian geothermal energy explorer Geodynamics Limited (ASX:GDY) on Wednesday announced it met all the conditions to receive a AUD 90 million (USD 89.6m/EUR 63.7m) state grant for its 25 MW Cooper Basin project.

The Australian government awarded Geodynamics the grant under the Renewable Energy Demonstration Program (REDP) in November 2009. Now, the firm can start drawing on the funds according to agreed milestones, and the final payment will be received upon commissioning the facility.

The project in the Cooper Basin in southern Australia will consist of eight deep geothermal wells, to start producing power in early 2015.

REDP is a AUD 435 million competitive grants programme designed to accelerate the commercialisation and deployment of new renewable energy technologies for power generation in Australia. It provides grants for eligible renewable energy power generation demonstration projects.

(AUD 1.0 = USD 0.996/EUR 0.708)

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