Here's an interesting snapshot from the emerging renewable energy sector - Australian geothermal power developer, Geodynamics Limited, has completed three successful capital raisings this year -  A$37.5m (May), A$33.5m (June) and A$44.1m (September). This was off the back of a successful joint venture with Origin Energy Limited in late 2007 which raised A$115m for Geodynamics' flagship Cooper Basin hot dry rock project.

Eugene Fung, partner at  DLA  Phillips Fox, advised on the joint venture and the capital raisings. He said that the investment showed that despite a difficult market, there was still capital available for quality renewable energy projects.

In a week where experts are pondering the post-mortem of the abandoned BHP - Rio Tinto bid, the question of whether today's environment would be as felicitous does arise. However, the Australian Government has set a goal of doubling the market share of renewable energy from 10% to 20% by 2020, a target that will require ongoing and substantial investment over the next decade. Meanwhile, a report released by professional advisory firm Ernst & Young this month tips investment in the sector to soar to $2.3 billion a year by 2020.