Wednesday, September 24, 2014

Australia:

Geodynamics Agrees to ARENA Grant Cut (Business Spectator)

Geodynamics has agreed on the variation and continuation of funding under its grant with the Australian Renewable Energy Agency (ARENA).

Geodynamics was originally awarded a $90 million grant in November 2009 by the Department of Resources Energy and Tourism, and has so far drawn down $32.4 million under this grant – which has supported the development of the Cooper Basin geothermal resources, particularly the drilling and stimulation of Habanero 4 and subsequent Habanero 1 MW Pilot Plant trial.

Under the variation agreed, the total overall grant being reduced by $30.45 million to $59.55 million with ARENA to now contribute up to $27.15 million of grant funds in support of a revised program of future activities. ARENA grant funds will be paid in arrears upon completion of milestone activities.

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