Tata Power has announced that it will acquire an 11.4 per cent stake in Geodynamics Ltd, the Australian company specialising in geothermal energy.
Geodynamics has been working for years to prove the commercial viability of extracting heat for power from granite deep underground near Innamincka in South Australia.
Tata Power is India’s largest privately owned power company and has been a leader in introducing state-of-the-art power technologies. As well as India, Tata Power has electricity supply and desalination plants in the Middle East and South East Asia.
The deal will inject $44 million into Geodynamics and give a major boost to its hopes of builing its first power station next year.