Clean energy firms seek Australia's renewable energy grants

Carnegie Wave Energy, Panax Geothermal Ltd. and Petratherm Ltd. are among companies planning to apply for A$126 million or $131 million of Australian government funding for renewable energy projects.

“We will be seeking as great a contribution as we can possibly get,” Kerry Parker, managing director of Brisbane- based Panax Geothermal, said in a phone interview today. “Our main challenge is funding. The clear message from investors over the last six to 12 months is that they want to see a far greater portion of the costs contributed by the government.”

The Australian government started accepting applications for a renewable energy funding program aimed at spurring the development of “emerging” geothermal, wave, solar and other technologies, Energy Minister Martin Ferguson said today in a statement. At least a third of the grant money, or A$42 million, will go to geothermal companies, Ferguson said.

The full story is at Bloomberg.