You seem to be overlooking that fact that (1) The largest group of geothermal power plants in the world is located at The Geysers, a geothermal field in California, United States; and that (2) 27% of required electricity in the Philippines is geothermal generated, and (3) world wide El Salvador, Kenya, the Philippines, Iceland, and Costa Rica) generate more than 15% of their electricity from geothermal.
I cold go on, but you get the idea.
Ignoring the above, Australia's Cooper Basin, about a 150 million (A$) project is essentially privately financed.
Of course, when crude prices get over $200 a barrel, which they are certainly forecasted to in the not too distant future the picture might look a bit different.
No they make perfectly good sense from a business point of view... unless you believe that those Australian businessmen are all stupid. they are talking about a 50 Mwt "pilot plant" and 500 Mwt production.
Cheers,
John B. (johnbslocomatgmaildotcom)