Genex Power Ltd Stock Market Press Releases and Company Profile
Executes Jemalong Connection Agreement for 50MW Solar Project
Executes Jemalong Connection Agreement for 50MW Solar Project

Sydney, April 15, 2019 AEST (ABN Newswire) - Genex Power Limited (googlechartASX:GNX) (Genex or Company) is pleased to announce that it has entered into a binding connection agreement with Essential Energy, responsible for one of Australia's largest electricity distribution networks, for the 50MW Jemalong Solar Project (JSP or Project) in New South Wales.

The connection agreement, which was entered into by Genex's wholly-owned subsidiary Jemalong Networks Pty Ltd as trustee for Jemalong Networks Trust, allows for the connection of the Project into the National Electricity Market (NEM) via Essential Energy's distribution network. The connection point will be located at the existing West Jemalong 66/11kV Zone Substation, situated within close proximity to the Project site, minimising construction cost and time.

The execution of the agreement means the Project is now classified as a committed generator, with its position secured within the NEM. Being confirmed as a 'committed generator' enables the Company to now focus its attention on remaining activities, including: advancing engineering, procurement and construction contractor discussions and completing the refinance of the 50MW Kidston Solar Project (KS1) and project financing for JSP by mid-2019.

Commenting on the milestone, Chief Executive Officer of Genex, James Harding stated:

"We are very pleased to execute the connection agreement with Essential Energy for the Jemalong Solar Project and secure our Project within the NEM as a committed generator. In a short amount of time, we have already established an excellent relationship with Essential Energy and look forward to working together over the coming weeks and months.

We are also pleased to report that the refinancing activities of KS1 and project financing activities for JSP continue to advance as scheduled. Genex remains on track to reach financial close for both of these projects by the middle of the year, establishing our position as a key renewable energy developer in the NEM as we continue to expand our portfolio."

About Essential Energy:

Essential Energy builds, operates and maintains one of Australia's largest electricity distribution networks, providing network services to families and businesses in regional, rural and remote areas across 95 percent of NSW.

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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.

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Contact

Simon Kidston
Executive Director
Tel: +61 2 9048 8850
Email: sk@genexpower.com.au



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