Sydney, May 15, 2017 AEST (ABN Newswire) - Genex Power Limited (ASX:GNX) (Genex or Company) is pleased to provide shareholders with this latest update regarding the construction program for the Company's Phase One 50MW Kidston Solar Project (KSP1 or Project).

Genex advises that the construction of KSP1 continues to remain on time and on budget for first generation in Q4 2017 and Practical Completion in Q1 2018. Key activities since the last update (refer ASX announcement 20 April 2017) include:

- First delivery of First Solar Thin-Film solar modules complete;
- First delivery of NEXTracker components underway;
- Piling rigs mobilized to site ahead of pile delivery;
- Ergon switchyard equipment 75% installed and equipment earthing underway;
- Solar farm substation earth-grid installed;
- Laydown area for materials storage and component assembly 100% complete; and
- Site clearing approximately 90% complete.

Commenting on the recent progress of KSP1, Managing Director of Genex Power Michael Addison said, "Genex's focus on project delivery continues with the project continuing to perform to budget. Kidston is now a hive of activity with 65 people employed on site. The outlook for wholesale electricity and Large-scale Generation Certificates (LGCs) remains robust which underpins the potential to deliver strong 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 Project at Genex's 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

Simon Kidston
Executive Director
T: +61-2-9048-8852
Email: sk@genexpower.com.au



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