KUTh Energy Ltd, an Australian geothermal energy company, has announced that Saipan, a United States territory of the Northern Marianas, has issued the company a Notice of Intent to Award a contract for the development of geothermal electricity for the Saipan grid.
The contract involves:
A concession issued to KUTh to develop geothermal power and sell electricity to the transmission grid with agreed milestones and timelines
A grant to KUTh from the Commonwealth of the Northern Marianas (CNMI) Government for the amount of $ US 1,100,000 to support the drilling of a 600 metre deep geothermal gradient well
Additional grant funding available from CNMI for the amount of $ US 500,000 to support follow-on assessment work if warranted and approved, following the determination of the gradient well.
According to studies undertaken by the Southern Methodist University and the National Renewable Energy Laboratory, both based in the United States, geothermal energy could have a high impact on CNMI’s future power mix if a resource can be identified.
Basket is empty.
