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| Above: Drilling at Port Pirie
north of Adelaide SA view enlargement |
In 2007 Torrens Energy successfully secured $3m matched grant funding from the Australian Government Renewable Energy Development Initiative (REDI). Since listing Torrens Energy has spent an estimated $6.6m on geothermal activities, of which $2.7m has been received from the REDI grant for work carried out in relation to the 3D Temperature Field Modelling.
The resulting net expenditure of $3.9m is well ahead of the budgeted expenditures set out in the initial prospectus, demonstrating that matched grant funding, when maintained in-step with the Company's progression, can be a highly effective accelerant. Approximately $0.6m REDI ($1.2m matched) will be applied to the planned 2010 programs..
In December 2009 Torrens Energy was successful in being awarded $7m grant funding from the Australian Government Department of Resources Energy and Tourism, Geothermal Drilling Program (GDP) Round 2.
The GDP assists companies seeking to develop geothermal energy by supporting the cost of proof-of-concept projects. Proof-of-concept stage occurs following location of a potential geothermal resource.
The $7m 'matched' funding will be directed toward achieving proof-of-concept at the Company's outstanding Parachilna Geothermal Play in South Australia.
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| Above: Heat Flow Drilling
Operation at Port Augusta adjacent to the Davenport Substation view enlargement |
In August 2009 the Federal Government passed Mandatory Renewable Energy Target (MRET) legislation, which aims at achieving a 20 per cent share of renewable energy in Australia's electricity mix by 2020.
The MRET Scheme is designed to encourage investment in renewable energy technologies including geothermal, by creating a renewable energy certificate (REC) for each MWh of electricity that is generated from a renewable source, thereby encouraging cost competitiveness with traditional energy generators. With the expanded legislative framework in place to support the development of renewable energy, driven by an REC trading scheme and Government grant funding and subsidies, renewed capital market participation will undoubtedly be stimulated across the renewable sector including geothermal.
Torrens Energy remains well positioned to benefit.