Sydney, April 20, 2017 AEST (ABN Newswire) - Genex Power Limited (ASX:GNX) (Genex or Company) is pleased to advise that the construction program for Phase One 50MW Kidston Solar Project (KSP1 or Project) remains on track.

Construction progress

Key activities since the last update on 15 March 2017 include:

- Site clearing more than 50% complete
- Construction site facilities installed
- Ergon substation at Kidston civil works completed
- Access road construction underway
- Earthworks underway for the solar farm substation and O&M platform
- Laydown area for materials storage and component assembly 70% complete
- Order placed for the main transformer for the solar farm substation.

The Project remains on budget and on track for First Generation in Q4 2017 and Practical Completion in Q1 2018.

Commenting, Managing Director of Genex Power Michael Addison said, "activity on site continues to ramp up with the construction program well underway. Genex remains very focused on delivering the project on time and on budget. The outlook for wholesale electricity and Large-scale Generation Certificates (LGCs) remains very strong which has the potential to deliver strong early cash flows to Genex".

The Federal Government, through the Australian Renewable Energy Agency has provided $8.9 million funding to support the construction of the $126 million Kidston Solar Farm.

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About Genex Power Ltd

Genex Power ASX:GNXGenex Power Limited (ASX:GNX) is a power generation development company listed on the ASX. The Company is focused on innovative clean energy generation and electricity storage solutions which deliver attractive commercial returns for shareholders. Following Financial Close of the first phase 50MW Kidston Solar Project (KSP1), the Company’s focus is now on the development of its Stage 2 Projects comprising a 250MW Pumped Storage Hydro Project (PSHP) and the integrated 270MW Kidston Solar Project (KSP2) located at Genex’s Kidston Renewable Energy-Hub in Northern Queensland.

     


Contact

Michael Addison
Managing Director
T: +61-2-9993-4411
E: ma@genexpower.com.au

Simon Kidston
Executive Director
T: +61-2-9993-4443
Email: sk@genexpower.com.au



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