Clean Energy Companies Seek $131 Million of Australian Grants  

Posted by Big Gav in , , , ,

Bloomberg has an article on geothermal and wave power companies looking for a slice of government renewable energy funding - Clean Energy Companies Seek $131 Million of Australian Grants.

Carnegie Wave Energy Ltd. (CWE), Panax Geothermal Ltd. (PAX) and Petratherm Ltd. (PTR) are among companies planning to apply for A$126 million ($131 million) of Australian government funding set aside to help renewable energy projects.

“We will be seeking as great a contribution as we can possibly get,” Kerry Parker, managing director of Brisbane- based Panax Geothermal, said in a phone interview today. “Our main challenge is funding. The clear message from investors over the last six to 12 months is that they want to see a far greater portion of the costs contributed by the government.”

The Australian government started accepting applications for a renewable energy funding program aimed at spurring the development of “emerging” geothermal, wave, solar and other technologies, Energy Minister Martin Ferguson said today in a statement. At least a third of the grant money, or A$42 million, will go to geothermal companies, Ferguson said.

Australia, the developed world’s biggest per-capita polluter, has set a target of generating 20 percent of its power from renewable energy sources such as wind and solar by 2020. The country plans to set up a A$10 billion Clean Energy Finance Corp. to invest in renewable energy projects seeking to get off the ground, Prime Minister Julia Gillard said last month.

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