Australian geothermal company Geodynamics Ltd. has received environmental approval for the exploration phase of the Takara Geothermal Power Project on the island of Efate in Vanuatu.
The project, developed by KUTh Energy Vanuatu, a wholly-owned subsidiary of Geodynamics, holds a 30-year production licence with exclusive rights to develop geothermal energy from an identified prospective geothermal area located near Takara on the main island of Efate. Once exploration is finalised to confirm resource, the project will be developed in two separate 4-MW stages.
The Department of Environmental Protection and Conservation approved Geodynamics’ application for the drilling of two geothermal exploration wells at Takara with certain conditions. The approval grants the project all required environmental permissions to conduct the activities necessary for an exploration drilling campaign.
Geodynamics said it is in discussions with the Ni Vanuatu government and multilateral development agencies to form of Public Private Partnership to develop the project as well as finalising a power-purchase agreement that will bring the project to the next stage.
The project, developed by KUTh Energy Vanuatu, a wholly-owned subsidiary of Geodynamics, holds a 30-year production licence with exclusive rights to develop geothermal energy from an identified prospective geothermal area located near Takara on the main island of Efate. Once exploration is finalised to confirm resource, the project will be developed in two separate 4-MW stages.