Genex Power’s plans for a large scale solar development with the potential for pumped hydro storage has been given a major boost with the news that the Australian Government is providing $54 million from the Clean Energy Finance Corporation (CEFC) to support phase one of the project.
In an Australian first, Genex Power is planning to co-locate a large-scale solar farm with a large-scale pumped hydro storage project. The first phase of a 50MW solar development will take place at Genex Power’s Kidston Renewable Energy Hub, 270km north-west of Townsville. With project construction underway for KSP1, Genex will turn to securing financial arrangements for its 250MW Kidston Pumped Storage Hydro Project, as well as the completion of technical feasibility studies for its 270MW Kidston Solar Project (Phase Two).
The Australian Renewable Energy Agency has provided $4 million for a study into the pumped storage project.