"The Turnbull Government has reaffirmed its strong commitment to energy security by providing $54 million from the Clean Energy Finance Corporation (CEFC) to support a large-scale solar development with the potential for pumped hydro storage.
Developing storage technology for renewables is important for stabilising the grid as electricity can still be used when the sun is not shining or the wind is not blowing.
The solar development will take place at Genex Power's Kidston Renewable Energy Hub, 270km north-west of Townsville.
The Australian Renewable Energy Agency has provided $4 million for a study into the next phase, a 250 MW pumped hydro-storage project.
Co-locating a large-scale solar farm with a large-scale pumped hydro storage project will be an Australian first…"
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About Genex Power Ltd
Genex Power Limited (ASX:GNX) is a power generation development company listed on the ASX. The Company is focussed on innovative clean energy generation and electricity storage solutions which deliver attractive commercial returns for shareholders. Genex is currently pursuing a number of unique energy development opportunities across Australia. The Company's current focus is on the development of its 250MW Kidston hydroelectric pumped storage generation project and its 50MW solar PV project located at the Kidston Energy Hub located in Northern Queensland.
Genex Power Ltd