Greenearth Energy (ASX: GER) has reaffirmed its commitment to developing its suite of Victorian geothermal assets following the announcement of the Australian Government's $126 million Emerging Renewables program yesterday.
The company said the new program will pave the way for Greenearth to seek more flexible funding arrangements for its Geelong Geothermal Power Project (GGPP).
Greenearth is also seeking to continue its current negotiations with the State Government in regards to its $25 million Energy Technology Innovation Strategy (ETIS) grant for both exploration and demonstration stages of the GGPP.
Mark Miller, managing director of Greenearth Energy, said "we look forward to the State Government's continued support in concluding our current ETIS grant funding negotiations. Our Victorian permits and project areas remain amongst the countries most strategically attractive to develop.
"With 22% of our nation’s greenhouse gases emitted in the Latrobe Valley alone, our proposition to develop base-load, zero-emissions renewable energy in that part of our State remains at the core of our company’s long term strategic objectives".
The GGPP remains Australia's most awarded Hot Sedimentary Aquifer (HSA) geothermal project.
The company will continue its comprehensive community and stakeholder engagement and site selection process.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/18484/greenearth-energy-buoyed-by-more-flexible-funding-for-geelong-geothermal-power-project-18484.html
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