The Federal Department of Resources, Energy and Tourism said that Petratherm’s $62.8 million application for the Paralana joint venture has satisfied the eligibility criteria for the Renewable Energy Demonstration Program (REDP) funding.
Petratherm, on behalf of its Paralana joint venture partners Beach Petroleum and TRUenergy Geothermal, lodged a funding application for a 30 MW commercial demonstration project at its Paralana project site in April 2009, located in the Arrowrie Basin South Australia.
The REDP is a competitive grants program designed to accelerate the commercialisation and deployment of renewable energy technologies for power generation across Australia. The REDP offers up to one third of the eligible expenditure on successful projects, with the size of project grants expected to be between $50 and $100 million.
The Federal Minister for Resources and Energy is expected to make a final decision by August 2009.
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