Greenearth Energy (ASX: GER) is a diversified Australian renewable energy company that has interests in conventional geothermal resources in Australia, Indonesia and the wider Pacific Rim.
The company also has technology opportunities and project applications in the waste heat recovery, energy efficiency, combined heat and power solar, and CO2 to fuel conversion markets.
Greenearth Energy and Alcoa milestone agreement paves way to progress Geelong Geothermal Power Project
A ground breaking agreement between Greenearth Energy (ASX: GER) and Alcoa (ASX: AAI) has been signed, in a critical first step towards the establishment of base load renewable energy generation in Victoria.
The memorandum of intent (MOI) represents a significant and substantial development for the Geelong Geothermal Power Project (GGPP), and provides a potential pathway from the preliminary planning stage through stage 1 exploration to stage 2, demonstration and grid connection.
Alcoa has operated a power station in Anglesea for over 40 years, with the Greenearth Energy proposed GGPP resource area just 9kms northwest of the Alcoa operation.
Greenearth and Alcoa areas to potentially work together include, with these main areas to be investigated by the MOI; The identification of a site sufficient for the GGPP stage 1 proof of resource/concept, and the stage 2 demonstration, 12MWe, on land currently leased by Alcoa.
Other areas include; Grid connection of the GGPP via Alcoa infrastructure assets, base load renewable energy off-take as a result of a successful GGPP stage 2 Demonstration, 12MWe geothermal energy plant (PPA), purchase of renewable energy certificates (REC's) as a result of a successful GGPP stage 2 demonstration, and, to work cooperatively towards evaluating and implementing other low-carbon technologies.
Mark Miller, managing director of Greenearth, said “Our two organisations have discussed a potential site within Alcoa’s mining lease area that has all the necessary characteristics for the GGPP exploration stage.
“We view this MOI with Alcoa as a further endorsement of the potential that our project has in delivering zero emissions, base load renewable energy to our state."
Stephanie Pearce, power station manager for Alcoa at Anglesea, said Alcoa’s Victorian Operations have reduced direct greenhouse gas emissions by over 60% since 1990, and the MOI with Greenearth Energy is in line with Alcoa’s ‘big picture’ response to climate change.
Article highlight:
The agreement with Alcoa is significant as it potentially ticks most of the boxes for Greenearth's GGPP including site, grid connection, demonstration plant, base load renewable energy offtake and grid connection.
