Appendix 4E - Preliminary Final Report
Sydney, Aug 31, 2017 AEST (ABN Newswire) - For the year ended 30 June 2017, Genex Power Limited (
ASX:GNX) (Genex, Company or Consolidated Entity) incurred an after tax loss of $6.48 million. The majority of expenditure was incurred on the development of KS1 and the PSHP.
Highlights
- 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 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.
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