- Net loss after tax of $6.48 million;
- Financial close reached for the 50MW Kidston Solar Project Stage 1 (KS1);
o Approximately $100 million of senior bank debt from Societe Generale (SocGen) and the Clean Energy Finance Corporation (CEFC);
o Approximately $20 million raised through additional equity;
o $8.85 million received from the Australian Renewable Energy Agency (ARENA) as a grant towards the construction of KS1;
- Construction of KS1 well underway with energisation expected in 4Q 2017;
- Development of integrated 250MW Kidston Pumped Storage Hydro Project (PSHP) and 270 MW Stage 2 Solar Project (KS2) continued.
The Company did not generate any income during the year, other than through bank interest and a research and development rebate, from the Australian Tax Office (ATO).
On 14 February 2017, Genex reached financial close on KS1. As part of this milestone, Genex entered into a $100 million senior debt facility with SocGen and CEFC. Genex also funded approximately $20 million of the total construction cost through equity funding raised from existing and new shareholders. Finally, Genex also received $8.85 million of grant funding from ARENA to be applied to the construction costs.
Construction of KS1 is now well advanced. It is anticipated that the plant will be energised towards the end of the calendar year 2017 with practical completion expected in February 2018.
Cash at Bank
As at 30 June 2017, Genex had cash at bank of $11,088,539.
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.