Energy Developments Limited (ASX:ENE) has scored an $18.5 million funding deal for its Coober Pedy hybrid renewable power station in South Australia.
The provider of low greenhouse gas emissions energy and remote energy solutions has received the support from the Australian Renewable Energy Agency.
The funding will assist Energy Developments in upgrading and expanding its diesel power station into a hybrid renewable focused power station.
This project is expected to be underpinned by a new 20 year power purchase agreement which is yet to be finalised.
Managing Director Greg Pritchard says the project highlights the company’s potential to implement renewable hybrid systems in off grid applications.
Energy Developments expects the final investment decision and execution of project agreements to occur mid 2015 and is targeting the start of commercial operations in the second quarter of 2017.
Energy Developments reported a net profit of $20.7 million in the first half of the 2014 financial year.
