Page 26-27 - GRO_Dec2011_FINAL

Page 26-27 - GRO_Dec2011_FINAL

SEO Version

26
27
GLOBAL RENEWABLES ONLINE - DECEMBER 2011
P
anax Geothermal is among a
handful of Australian com-
panies with deep drilling
geothermal projects underway.
The company owns some of Australia’s
largest geothermal resources and has
secured several major projects abroad.
Panax is pioneering the development of
conventional geothermal technology in
Australia.
Panax Managing Director Kerry Parker
said there was enormous potential for large-
scale
commercial
geothermal
energy
development in Australia.
“Geothermal is finally getting the
recognition it deserves in Australia, with the
Federal Government providing more than
$13 billion in funding to support renewable
technology along with the introduction of a
carbon price and clean energy incentives this
year,” Mr. Parker said.
“Panax is currently seeking to secure
funding from the Federal Government to
move its Australian projects closer towards
commercial operation. In the meantime,
Panax has steered its attention overseas.”
The company said its rapid growth over
the past 20 months is a result of its success
securing geothermal projects in burgeoning
geothermal industries in the Asia Pacific
region.
Panax secured four projects in Indonesia
in joint ventures with some of the country’s
largest companies.
Its portfolio of Indonesian projects has
the capacity to produce more than 300
megawatts of clean electricity.
The company’s entry into the Indonesian
market has been bolstered by a formal
alliance with PT Bakrie Power, part of the
listed Bakrie Group, to explore, develop and
generate power from geothermal resources
across Indonesia.
“Indonesia is home to some of the best
geothermal resources in the world and is
considered a world geothermal ‘hotspot’,”
Mr. Parker said.
“Panax’s position in Indonesia provides a
strong
foundation
for
our
future
development and growth into a major inter-
national geothermal exploration and devel-
opment company.”
The National Geological Agency of
Indonesia
estimates
total
geothermal
potential at about 27,000 megawatts –
equivalent to approximately 50 large
coal-fired power stations.
To meet the electricity demands of the fast
growing
economy,
the
Indonesian
Government plans to expand geothermal
generation by 240 per cent in the next four
years to more than 4,000 megawatts.
“We have secured participation in what
can be described as a historic wave of
geothermal development in Indonesia,” Mr.
Parker said.
The vast geothermal potential in
Indonesia stems from its commercially
attractive tariffs, abundant geothermal
resources and incentives for geothermal
energy generators.
Austral ia’s geothermal technology pioneers
Panax’s position in Indonesia
provides a strong foundation for
our future development and
growth into a major
international geothermal
exploration and development
company.”