Federal boost for geothermal projects

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Two South Australian renewable energy projects will receive grants from a federal investment program

Petratherm will receive almost $63 million to help develop its 30-megawatt Paralana geothermal energy project near the Beverley uranium mine.

Geodynamics will receive $90 million for its 25-megawatt hot-rocks project in the Cooper Basin.

Federal Resources and Energy Minister Martin Ferguson says the Geodynamics project could become a major generator of emissions-free power.

“This project will be the world’s first multi-well hot fractured rock power project,” he said.

“In essence, in terms of geothermal we are testing two different technologies. I must say in terms of potential base load-reliable power, geothermal has great opportunities.”

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