Pacific Hydro signs agreement to develop conventional geothermal resources in Australia

4 August 2011

Leading renewable energy company Pacific Hydro has signed a Memorandum of Understanding with Green Rock Energy to partner on the development of geothermal power projects in the North Perth Basin (“NPB”), Western Australia and the Great Artesian Basin (“GAB”), South Australia.

Initial power projects of at least 25MW are contemplated in both the NPB and GAB, leading to the potential of hundreds of MW of generation from each Basin over the coming decade.

Pacific Hydro and GreenRock will now jointly develop an Information Memorandum on the two projects directed at potential upstream ‘farm-in’ partners to substantially fund drilling of the wells required to prove up the conventional geothermal resource.

Pacific Hydro General Manager Australia Lane Crockett said “We believe there is a compelling opportunity for conventional geothermal to supply Australia with nationally significant renewable base load generation. Pacific Hydro is delighted to partner with Green Rock and to combine the strong, complementary capabilities of our two companies towards the realisation of this goal.”

Pacific Hydro brings a wealth of experience in development and operation of renewable energy projects while Green Rock has extensive capability and experience in geothermal exploration.

“The introduction of a price on carbon will provide the long-term pricing signals that investors and innovators of technology are looking for. When combined with the other market based mechanisms like the renewable energy target and recently announced measures such as the Clean Energy Finance Corporation, Australia is set for an exciting clean energy future.”