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:
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. The Company has a development pipeline of up to 770MW of renewable energy generation and storage projects within its portfolio, underpinned by the Kidston Renewable Energy Hub in far-north Queensland (Kidston Hub). The Kidston Hub is comprised of the operating 50MW Stage 1 Solar Project (KS1), the 250MW Pumped Storage Hydro Project (K2-Hydro) and the multi-staged integrated Solar Project of up to 270MW (K2-Solar) under development and the Kidston Stage 3 Wind Project of up to 150MW under feasibility. In addition, the Company has acquired the 50MW Jemalong Solar Project (JSP), located near Forbes in NSW, which is also under development.
Genex continues to acknowledge the support from the Federal Government, through the Australian Renewable Energy Agency (ARENA), which provided $8.9 million in funding to support the construction of the KS1 Project, in addition to their support of up to $9 million in funding to support the development of the stage 2 projects. Genex also acknowledges the support of the Queensland State Government through providing a 20-year revenue support deed and designating the Hub as 'Critical Infrastructure' to the State.
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