- Agreement with ARENA for funding of up to $5.0 million
- Funding to accelerate Kidston Stage 2 to Financial Close
Under the terms of the Funding Agreement, the funding is to be applied toward specified pre- Financial Close activities to progress the K2 Project to Financial Close in 2018. Further detailed terms of the Funding Agreement are set out in Annexure A (see link below).
Genex Managing Director, Michael Addison said:
"Genex is pleased to continue its partnership with ARENA for the Kidston Stage 2 Project. The continued support from ARENA is testament to the innovative nature of the Project, and the growing importance of large-scale energy storage in the context of the increasing penetration of renewable energy in the National Electricity Market. It also represents a vote of confidence in the pathway Genex has outlined to financial close.
Following publication of our optimised technical feasibility study and the appointment of an ECI contractor for the K2-Hydro Project, the ARENA funding will be applied towards Genex's project financing and EPC finalisation activities as the Company continues its engagement with EPC contractors, energy partners and debt and equity providers.
This additional funding serves to strengthen Genex's financial position as the Company advances the Kidston Stage 2 Project to financial close in 2018."
ARENA CEO, Ivor Frischknecht said:
"Stage Two of the Kidston hydro and solar project is an important step in achieving a secure and reliable grid and increasing the value delivered by renewable energy."
ARENA was established by the Australian Government to make renewable energy technologies more competitive and increase the supply of renewable energy in Australia. Through the provision of funding coupled with deep commercial and technical expertise, ARENA provides the support needed to accelerate the development of promising new solutions towards commercialisation. ARENA invests in renewable energy projects across the innovation chain and is committed to sharing knowledge and lessons learned from its portfolio of projects and information about renewable energy. ARENA has committed $1.1 billion in funding to more than 270 projects. For more information, visit http://www.arena.gov.au
To view Annexure A, please visit:
About Genex Power Ltd
Genex 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.
Genex Power Ltd