Genex is pleased to report that the construction of KSP1 continues to remain on-time and on-budget for anticipated first generation in Q4 2017 and Practical Completion in Q1 2018. Key activities since the last update (refer ASX announcement 19 June 2017) include:
- Continued installation of solar modules across the KSP1 site;
- Continued installation of pilings;
- Continued installation of trackers;
- Continued installation of the substation earth-grid; and
- Installation of the security fence perimeter around the KSP1 site.
Commenting on the continued successful progress of the Company's 50MW Solar Project, Managing Director of Genex Power, Michael Addison said:
"Construction has progressed as scheduled, remaining within the allocated budget. The Project was recently declared by the Queensland Government as a Critical Infrastructure Project in conjunction with the Phase Two Projects (270MW Solar and 250MW Pumped Hydro), 275kV transmission line easement and the Copperfield Dam easement."
"Genex has now turned its attention to the development of Phase Two of the Kidston Renewable Energy Hub, with detailed discussions progressing with potential energy partners, debt financing entities and equity infrastructure firms. Genex has received first-round board approval from the Northern Australia Infrastructure Facility (NAIF) for potential debt funding for the Phase Two Projects. NAIF will now commence full due-diligence."
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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 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.