Achieves First Energisation for Kidston Solar Stage 1
- Successful energisation of the Kidston Stage 1 Solar Project substation
- AEMO registration as a Market Generator completed
- All permitting in place for electricity generation and revenue in December 2017
Energisation is one of the most important testing and commissioning steps before electricity can be exported from the Project into the National Electricity Market (NEM).
Genex is also pleased to report that it has achieved registration by the Australian Energy Market Operator (AEMO) as a Market Generator, and has thus completed all technical and regulatory processes to enable the export of electricity into the NEM.
Commenting on these significant milestones, Genex's Managing Director Michael Addison stated:
"Energisation of the solar substation is a crucial milestone in the commissioning for any large-scale renewable energy project. The smooth development of the Project to date is a reflection of the significant dedication and effort by the project delivery team. With all necessary regulatory approvals in place Genex is now able to complete the final steps to enable the dispatch of electricity into the NEM.
With first generation and revenue scheduled for early December 2017, we are pleased to reconfirm that the development remains on time and on budget.
I would also like to take this opportunity to acknowledge the support of the Commonwealth and Queensland State Governments. The Commonwealth Government, through the Australian Renewable Energy Agency, has continued to support Genex Power's Kidston Renewable Energy Hub, providing $8.9 million in funding for KS1 and up to $9 million for Stage 2. The Queensland Government, by providing a 20-year revenue support deed and by designating the Project "Critical Infrastructure", significantly contributed to the success of the Project".
ARENA was established by the Australian Government to make renewable energy technologies more competitive and increase the supply of renewable energy in Australia. Through the provision of funding coupled with deep commercial and technical expertise, ARENA provides the support needed to accelerate the development of promising new solutions towards commercialisation. ARENA invests in renewable energy projects across the innovation chain and is committed to sharing knowledge and lessons learned from its portfolio of projects and information about renewable energy. ARENA has committed $1.1 billion in funding to more than 270 projects. For more information, visit http://www.arena.gov.au
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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.
Genex Power Ltd