Image: Geodynamics

Geodynamics announced their Cooper Basin geothermal power project is getting AUD 90 million in funding from the Federal Government. The funding comes from the Renewable Energy Demonstration Program (REDP).

The awarded sum is part of a larger amount of AUD 235 million, to be awarded to four renewable energy demo projects covering a broad range of emerging renewable energy technologies.

Geodynamics will receive the funding over the life of the project with the final payment scheduled after the commissioning of a 25 MW geothermal power plant in the Cooper Basin. The commissioning is expected to happen in 2013.

The purpose of the Cooper Basin geothermal power plant is to demonstrate the cost effectiveness of this technology at a commercial scale. This will hopefully give further confidence to lenders to finance the commercial implementation of subsequent geothermal power units and transmission lines.