Adelaide, Nov 20, 2007 AEST (ABN Newswire) - The Federal Coalition today announced a A$50 million election commitment to accelerate the commercialization of Petratherm's (ASX: PTR) Paralana Geothermal Energy Project in South Australia's northern Flinders Ranges.
The A$50 million commitment to the Paralana Geothermal Energy Project - a joint venture between Petratherm and listed energy group Beach Petroleum (ASX: BPT) - will be used to build a 30MW geothermal plant to demonstrate Paralana's commercial operation and to bring forward the development of Australia's geothermal energy industry.
The Paralana Geothermal Energy JV Project received the Federal Coalition's $50 million commitment based on the following:
- A recognition that the Paralana Project represents the most commercially advanced geothermal project in Australia;
- Petratherm's unique approach to resource exploitation (the HEWI model) seeks to minimize overall project costs and risks;
- A requirement that Petratherm continues successful progress with its current plans under its $5 million REDI grant to demonstrate its HEWI model;
- Commitment to a 30MW geothermal plant development to fully demonstrate commercial operation;
- Funding on a 2 for 1 basis to support a total project cost of $150 million for the 30MW plant (excluding approximately $15 million in transmission costs); and
- Terms and conditions for the funding are to be finalized under a Grant Agreement.
Contact
Terry Kallis
Petratherm Limited
TEL: +61-8-8274-5000
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