Geo power project
funding bid ‘stalls’
A proposed ground-breaking geothermal energy project at Moriac could be on a back-burner without funding.
Federal Member for Corangamite Darren Cheeseman said Greenearth Energy had yet to apply for federal funding to assist its first stage.
The Independent reported six months ago that Greenearth would reapply for funding after losing an initial bid when the company failed to raise enough capital of its own.
The project seeks to tap hot rocks deep underground to generate electricity.
Mr Cheeseman told the Independent Greenearth had yet to apply for grant funding under an Emerging Renewables Program.
He confirmed the program was still intact after the Federal Government’s mid-year budget review.
Greenearth has already attracted a $25 million commitment from State Government for the first-stage of its Geelong Geothermal Power project, with $5 million to go toward the “proof of resource’’ first stage.
The remaining $20 million would go toward a second-stage grid-connected 12MW demonstration plant.
Greenearth director Robert King told the Independent earlier this year the company was seeking additional funds for first stage works from the Emerging Renewables Program.
“We’ve already been granted $5 million from the State Government for the initial drilling but we’ll need more money to compete the first stages,’’ he said in May.
“We’ve applied for funding through the Federal Government’s emerging renewables program.’’
Mr King said Green expected to find out whether it would receive funding in “three to four months’’.
But this week Greenearth failed to respond to the Independent’s calls for comment.
The much-vaunted geothermal project is sited at a former quarry on land owned by international company Holcim west of Moriac and about 8.5kmn from Anglesea’s coal mine.
