Genex Power Limited (ASX:GNX) (Genex or the Company) is pleased to provide the following update on the Company's performance for the 2019 statutory financial year (FY19) in which Genex delivered a significantly improved financial performance. The Company's pipeline of renewable energy and storage projects continued to be de-risked through the execution of key corporate milestones.

FY19 Highlights

- Revenue of $15.6m (FY18: $9.9m) - a 57% increase;

- EBITDA of $5.6m (FY18: -$1.7m) - a 424% increase;

- Increased generation (MWh) by 143% to 126,759MWh;

- Signed a $25m Share Subscription Agreement with Electric Power Development Co Ltd, trading as J-POWER, which provides equity finance at financial close to the Kidston Pumped Storage Hydro project, as well as technical and advisory services;

- Entered into a non-binding term sheet with EnergyAustralia in respect of a long-term energy storage services agreement and equity investment in the Kidston Pumped Storage Hydro Project; and

- Post the end of the financial year, the Northern Australian Infrastructure Facility (NAIF) made a final investment decision in respect of a long-term concessional loan facility of $610m for the Kidston Pumped Storage Hydro Project.

Subsequent to the end of the financial year, the Company strengthened its balance sheet by successfully raising approximately $21.5m before costs to advance the 50MW Jemalong Solar Project, which fully funds Genex's equity contribution to the project through to the commencement of generation.

Commenting on the Company's FY19 performance, Genex CEO, James Harding, stated:

"The past year has seen the Company deliver a number of major milestones in our strategy to become a diverse renewable energy and storage company. The Kidston Pumped Storage Hydro Project has been significantly de-risked though the $610m debt facility with the NAIF and in the execution of a non-binding term sheet with EnergyAustralia as investor and off-take partner. Furthermore, the commitment of a global hydro leader in J-POWER demonstrates the world leading nature of our renewable energy and storage portfolio.

The acquisition of the Jemalong Solar Project in NSW brings geographical diversification into our portfolio. With debt funding for the Jemalong Solar Project near finalised, the project will shortly be fully funded through to the commencement of generation, with construction anticipated to begin in H2 CY19".

Outlook

FY19 leaves Genex in a strong position to deliver on growth ambitions. Genex is pleased to provide the following outlook for FY20 across its project portfolio:

- 50MW Kidston Stage 1 solar: expected steady state cashflow supported by long-term revenue support contract;

- 250MW Kidston Pumped Storage Hydro Project: expectations that financial close and commencement of construction will occur in H2 CY19 following final investment approvals and transmission line arrangements;

- Kidston Stage 2 solar: targeting financial close on the first 165MW of this development in CY2020;

- 50MW Jemalong solar: financial close and construction expected to commence H2 CY2019; and

- 150MW Kidston Stage 3 wind: resource monitoring and pre-feasibility analysis to continue.

To view the Annual Report, please visit:
https://abnnewswire.net/lnk/81L1R70Q

To view the Results Presentation, please visit:
https://abnnewswire.net/lnk/9QF0RL30


About Genex Power Ltd

Genex Power Limited 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.

     

Contact

Simon Kidston
Executive Director
Tel: +61 2 9048 8850
Email: sk@genexpower.com.au



Link: FY 2019 Results Announcement


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