S. AFRICA BANK $$$ TO AUSSIE NEW ENERGY

Investec May Invest in Australian Solar, Geothermal Projects
Angela Macdonal-Smith, April 21, 2009 (Bloomberg News)

"Investec, the South African investment and private bank, said it may invest in Australian solar thermal and geothermal energy projects as it seeks to participate in emerging renewable energy ventures.

"The bank signed an initial agreement last week to provide as much as A$250 million ($176 million) of funds for a wave energy project in southern Australia. It is interested in similar accords in solar and geothermal once project plans are more advanced…"

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"Australia’s government has a target to increase use of renewable energy to 20 percent of electricity supplies by 2020 to tackle global warming. Investec is advancing the A$600 million Collgar wind energy project in Western Australia, after selling development rights for other wind farms to Contact Energy Ltd. and AGL Energy Ltd…

"Solar thermal plants use reflective troughs to concentrate the sun’s energy to heat oil or another liquid, generating steam for conversion into power."

From CarnegieCorporation via YouTube.

"The funding in Carnegie Corp.’s wave energy project may involve taking an equity stake in the venture company…It is subject to a successful application for federal government funding for the project in southern Australia and to other milestones…

"Carnegie’s CETO technology uses a device that sits on the seabed and carries high-pressure seawater ashore through a pipeline, where it is used to produce either electricity or fresh water. The company is close to securing contracts for the sale of the project’s electricity output and related renewable energy and carbon credits… Investec wants to participate in projects rather than in technology companies, and ventures considered so far in solar thermal and geothermal energy haven’t been far enough advanced…"