Courier Mail, Thursday 20/11/2008
HOT-rocks explorer Geodynamics ( http://www.geodynamics.com.au/IRM/content/home.html ) will power Innamincka with geothermal generated electricity before March 31, the company said this week. Geodynamics' 1MW pilot geothermal power plant in the Cooper Basin would also power its joint-venture operations with Origin Energy near the town and be commissioned from February 1, managing director Gerry Grove-White said.
The dates are the firmest since the project started and come ahead of Geodynamics' annual meeting on Thursday. Mr Grove-White said Geodynamics should achieve its milestones early next year, including the successful completion of the proof-of-concept stage. He said construction of a 50MW power station would begin before December next year to deliver commercial-scale power in 2011.
"The later we leave it the more it will cost so December '09 looks credible, challenging but credible," he said.
The company had increased its full-time work-force from 12 to 50 since August last year and had raised enough money from share issues this year. Geodynamics had $120.58 million in the bank at September 30 and $150 million in development funding committed from Origin Energy. Funds raised from Indian company Tata Power's $44.1 million corner-stone placement also had strengthened its balance sheet.
Down the track, Geodynamics hopes to deliver 500MW to the electricity grid annually by 2015. Mr Grove-White said Geodynamics would work towards final investment decisions in late 2009 on a 50MW plant including costs of building, technology acquisition, financial capacity, power station design and transmissions.