April 2020 Non-Deal Virtual Roadshow Presentation
April 2020 Non-Deal Virtual Roadshow Presentation
Sydney, April 6, 2020 AEST (ABN Newswire) - Genex Power Ltd (ASX:GNX) provide their April 2020 Non-Deal Virtual Roadshow Presentation with significant highlights.

EnergyAustralia (EA) has signed a Binding Energy Storage Services Agreement (ESSA) for the Kidston Hydro Project. The binding agreement significantly de-risks the development of the K2-Hydro Project. The key terms of the ESSA are:

- A term of up to 30 years with an initial 10 year period and two options (at EA's election) to extend for a further ten years each;

- Genex will provide full operational dispatch rights to EA in exchange for a fixed rental annual rental payment, escalating over the total term;

- Following the expiry of the full 30 year term, EA have the right to acquire Genex's shareholding in the K2-Hydro project for a fixed cash payment; and

- The ESSA is subject to a number of conditions precedent, including financial close, which must be satisfied prior to closure sunset date of 31 December 2020.

The signing of the ESSA reflects a significant step towards achieving financial close of the Kidston Hydro Project.

K2 -Hydro - Status of Counterparties

Energy offtake

- Energy Storage Services Agreement signed with EnergyAustralia.

Genex equity investor

- MOU signed for equity investment in Genex Power.

EPC Contractor/supplier of pump turbines

- Binding EPC Contract ready to execute, Early Works Stage 1 completed, pricing to be revalidated in April 2020.

Federal Government

Sole lender providing up to $610 million of long long-term, concessional debt.

- Final Board Investment Decision granted, preparing to resubmit based on revised offtake arrangement.

Federal Government Grant Body

- Discussions being finalised.

Queensland Government

Construct and operate 275kV transmission line from Kidston to Mt Fox.

- Offer to Connect submitted, GPS approved, pricing being revalidated.

Treasury/DNRME

- co -funding of Transmission line

- Discussions well advanced, to be concluded as a priority.

Kidston: Benefits to Northern Queensland - support local businesses

First pumped storage hydro project in Australia for 40 years:

- Third largest pumped storage in Australia; and

- Global first in repurposing of an abandoned mine.

Critical contribution to grid stabilisation in North Queensland.

Shovel ready project - construction anticipated to start 2020, operational in 2024.

500+ direct construction jobs:

- Unlocking additional solar and wind, with another 500+ jobs in the same timeframe.

Strong local economic benefits:

- Local employment in Kidston, Einasleigh and surrounding area;

- Support local businesses; and

- Townsville: base for FIFO, port gateway for imported equipment.

50MW Jemalong Solar Project

Located 26km south south-west of Forbes, NSW.

50MW Jemalong Solar Project

Provides geographic diversity in GNX portfolio.

128,700MWh per annum forecast (P50).

Construction underway: Beon Energy Solutions EPC and O&M.

Project has a capacity factor of 29%.

30 year project lifespan.

Approximately 150,000 Jinko solar panels.

Expected to generate enough energy to power up to 23,000 homes.

Potential to deliver a step change in revenue by Q4 CY2020.

To view the presentation, please visit:
https://abnnewswire.net/lnk/901MAW4Y


About Genex Power Ltd

Genex Power Ltd ASX:GNXGenex Power Limited (ASX:GNX) 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



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