Welcomes QLD Government Announcement of Strategic Transmission
Sydney, June 5, 2017 AEST (ABN Newswire) - Genex Power Limited (
ASX:GNX) (Genex or Company) welcomes the announcement from the Hon. Annastacia Palasczcuk, Queensland State Premier, in relation to the development of transmission infrastructure in North Queensland to unlock up to 2000MW of renewable projects in the region.
As part of the announcement, the Queensland Government has stated that it will commit $150m towards developing a transmission line which will allow the 250MW Kidston Pumped Storage Hydro Project and the 270MW Kidston Solar Project (Stage Two) to connect directly into the national grid.
This is a significant milestone for Genex as it secures a route to market for the renewable energy generated at Kidston. Genex will work with the government to ensure the development of the transmission assets fits in with the overall development of the Kidston Energy Hub.
The media release states in part:
"...The clean energy hub would connect the 75MW wind farm at Forsayth being developed by Infigen, the 520MW Kidston Hydro and Solar projects being developed by Genex and the Kennedy Energy Park, a combination of wind and solar generation with a capacity of 1200MW near Hughenden or other projects in the area."
Responding to the media release, Genex's Executive Director Simon Kidston, who was present at the announcement by the Premier said:
"The announcement of the feasibility study represents a very significant milestone for Genex. Transmission has always been a key piece of the puzzle for the Kidston Projects. The construction of the proposed transmission line would link Genex's 250MW Pumped Storage Hydro Project and the 270MW Solar Project to Powerlink's network, allowing fast and flexible energy to be delivered into the market. Genex is rapidly progressing with key contracting processes and financing arrangements for these two remaining Kidston Projects. We are anticipating the completion of a number of key milestones in the coming months."
To view the release from the government, please visit:
http://abnnewswire.net/lnk/F6C75OVG
About Genex Power Ltd
Genex Power Limited (ASX:GNX) is focused on developing a portfolio of renewable energy generation and storage projects across Australia. The Company's flagship Kidston Clean Energy Hub, located in north Queensland, will integrate large-scale solar generation with pumped storage hydro. The Kidston Clean Energy Hub is comprised of the operating 50MW stage 1 Solar Project (KS1) and the 250MW Kidston Pumped Storage Hydro Project (K2-Hydro) with potential for further multi-stage wind and solar projects. The 50MW Jemalong Solar Project (JSP) is located in NSW and provides geographical diversification to the Genex Power Limited portfolio. JSP was energised in early December 2020 and commissioning is now underway. Genex is further developing its energy storage portfolio via the early stage development of a 50MW/75MWh standalone battery energy storage system at Bouldercombe in Queensland. With over 400MW of renewable energy and storage projects in development, Genex is well placed as Australia's leading renewable energy and storage company.
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