NORTHERN AUSTRALIA INFRASTRUCTURE FACILITY BOARD APPROVES EXTENSION OF OFFER FOR FUNDING OF THE KIDSTON PUMPED STORAGE HYDRO PROJECT
NAIF Board Approves Extension of Kidston Hydro Funding Offer
- NAIF Offer of Funding extended to 30 June 2020.
- Genex continues to work with NAIF and other stakeholders to achieve financial close as early as possible in 2020.
The offer remains subject to a number of conditions precedent including the finalisation of the Queensland Government's consideration of the Project and its agreement for the approved funds to be advanced. As announced on 1 November 2019, Genex is continuing to work with the NAIF team and its other stakeholders to complete the restructuring of the Project financing with a view to achieving financial close as early as possible in 2020.
In commenting on today's announcement, James Harding, CEO of Genex said: "Genex welcomes the continuing support of NAIF in its development of the Kidston Pumped Storage Hydro Project, which reflects the significance of the Project to Northern Australia. Notwithstanding the setback earlier this month, we are continuing to maintain the momentum built up this year for the Project and with the support of NAIF and our other stakeholders, we are progressing the restructuring of the transaction with a view to achieving financial close on this iconic project as soon as possible. We will continue to keep the market informed as these activities progress."
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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.
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