Genex Power Limited (ASX:GNX) (Genex or Company) welcomes the announcement from the Queensland Government in relation to the multi-million-dollar electrical infrastructure funding package for the Kidston Pumped Storage Hydro project (K2-Hydro or Project) transmission line.

The announcement states that the Queensland Government will provide up to $132M in funding towards the construction of the 186km single-circuit transmission line from Kidston to Mount Fox (Transmission Line), which will be built, owned and operated by State-owned transmission network service provider Powerlink Queensland (Powerlink).

The announcement follows Powerlink's Offer to Connect which secures the Project's rights to connect to and operate using the Transmission Line, and approval by the Australian Energy Market Operator (AEMO) via Powerlink of the Project's Generator Performance Standards in June 2019 (refer ASX announcement 14 June 2019).

As part of the announcement, Hon. Annastacia Palaszczuk, Queensland State Premier, stated in respect of the Kidston Hub:

"This infrastructure will support the development of a clean energy hub in the North, providing jobs, investment and energy security."

Hon. Dr. Anthony Lynham, Minister for Natural Resources and Energy of the Queensland Government, stated:

"The Genex project itself will have a peak construction workforce of about 500 people per annum for the first two years, 250 in the final year and 30 permanent operational jobs- And connecting 250MW of pumped hydro capacity will help make the North Queensland electricity network more reliable."

Commenting on the announcement, Chief Executive Officer of Genex, James Harding said:

"Genex is delighted with the Queensland Government's announcement of a significant funding package to enable the construction of the Kidston Pumped Storage Hydro Project Transmission Line. This complements the project loan extended by the Northern Australia Infrastructure Facility (refer ASX announcement 11 July 2019) and represents the key external funding requirement necessary to complete the project financing and commence construction.

Further, the Transmission Line will now unlock additional stages for the Kidston Clean Energy Hub, including up to 270MW of additional solar and up to 150MW of wind.

We would like to thank the Queensland Government for their support and look forward to continuing to work together over the coming weeks to finalise arrangements for this important increment to a stable electricity network in North Queensland, which will secure power supply to local communities and unlock further clean energy generation in the region."

To view the Queensland Government Media Release, please visit:
https://abnnewswire.net/lnk/JDYQ51Y4


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: Qld Govt Funding Package for Kidston Hydro Transmission Line


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