Geodynamics meets conditions for USD 90m state grant

(ADPnews) - Oct 14, 2010 - Australian geothermal energy explorer Geodynamics Limited (ASX:GDY) yesterday announced it fulfilled all 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 of 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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