The project also includes network connection to the nearby Beverley Uranium Mine, just 11 kilometers away from the project site.
The REDP offers up to one-third of the eligible expenditure on successful projects with the size of project grants expected to be $50 million to $100 million.
The REDP is a competitive grants program designed to accelerate the commercialization and deployment of renewable energy technologies for power generation across Australia.
Applications will be reviewed against merit criteria including, financial capacity to match funding, large scale deployment potential, technical strength, management capability and potential for enhancing Australia’s share of the global market for renewable energy technologies.
Petratherm and its joint venture partners have submitted a compelling and competitive application built on the key attributes comprising of:
— Having a financially strong group of joint venture partners, with a JV structure ideally suited to REDP funding around millstone achievements; and is capable of matching grant funding on a 2:1 basis.
— A clear and unique path to commercialization with the potential to develop and deploy large scale, base load power to the local market (30 MW) and later the National Electricity Market (NEM) (260 MW to 520MW).
— A technically strong project that is centered on Petratherm Heat Exchanger within Insulator (HEWI) model that aims to reduce cost, risk and time taken for drilling and bring forward the development of competitively priced geothermal power generation.
— Joint venture partners with complementary skills and excellent project mamangement capability needed to successfully address matters ranging from the sub-surface through to power generation and the sale of power in the National Electrcity Market.
— The potential to enhance Australia’s position in the renewable technologies, globally, through the proof of HEWI and leveraging into overseas growth markets in Spain and China.
