Petratherm gets Spanish govt support Wednesday, 12 August 2009
HOT rocks explorer Petratherm has signed a cooperative agreement with the Spanish federal and Madrid regional governments for its planned Geo-Madrid Geothermal District Heating project.
Under the agreement, Petratherm and the governments will form a committee to expedite the remaining steps needed to achieve financial close for the project, which seeks to provide 8 megawatts of district heating in the Madrid region.
These include agreement with customers for the supply of heat; assessing potential subsidy and financing options available from the government programs for the project; obtaining environmental clearances for drilling and development; securing an engineering, procurement and construction contract; and establishing an operations and maintenance contract.
The agreement provides a way to resolve the outstanding matters and includes the Spanish federal government contributing 87,000 euros ($A147,548) through its Institute of Renewable Energy and Energy Efficiency for the feasibility assessment work that is planned for completion by the end of 2009.
PTR Price at posting:
30.0¢ Sentiment: LT Buy Disclosure: Not Held
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