Carnegie Wave Energy, Panax Geothermal and Petratherm are seeking the $131 million financing set aside by the Australian government for renewable energy projects, Bloomberg reports. Around one-third of the granted money will go to geothermal companies. The Australian government has begun accepting applications for a renewable energy funding program for the development of emerging geothermal, wave, solar and other technologies. The government has also set a target of generating 20% of power from renewable energy sources, such as wind and solar, by 2020.

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