Genex Power Limited has announced it has reached financial close for the 250MW Kidston Pumped Storage Hydro Project (K2-Hydro) as construction ramps up on site in far north Queensland, Australia.
Financial close for the project follows settlement and allotment of almost 107 million shares in Genex at $0.2337 per share to J-POWER, who now become the largest single shareholder in the Company with a 10% interest. Mr Kenichi Seshimo from J-POWER has now been appointed to the Genex board as a Director
“Today is a landmark moment in the history of Genex Power, and also marks an important step in the roll out of large-scale energy storage capability in the National Electricity Market. Financial close for the Kidston Pumped Storage Hydro Project is a monumental achievement for the Company and is one Genex has been working towards for over 5 years,” said Genex CEO James Harding. “I am pleased to report that site preparation activities at Kidston are now well progressed as we prepare for full scale Project construction activities over the next few months.”
Construction activities at the site include the installation of accommodation units at the Oaks Rush accommodation village and at Kidston, upgrade of the access ramp to Eldridge Pit, and installation of a new communication system. Rock material sampling and testing for concrete production has been completed, and pumps are being mobilised to site to commence the initial dewatering of the Eldridge pit.
“The Queensland Government has played a crucial role in getting the Kidston Pumped Storage Hydro Project over the line to secure a strong renewables future in North Queensland and unlock hundreds of renewables jobs,” said the Hon Cameron Dick, Treasurer and Minister for Investment. “Our Government is providing $147 million funding for essential transmission infrastructure to link the Project to the National Electricity Market and help develop a clean energy hub in North Queensland. Our State-owned Powerlink will build, own and operate a 186km transmission line and associated infrastructure, creating over 400 new jobs during its construction. With the Kidston Hydro Project itself supporting over 500 construction jobs and around 25 operational jobs, the Palaszczuk Government continues to drive investment, create jobs and growth, and lower electricity prices for Queensland households and businesses.
“Energy storage projects like the Kidston Pumped Hydro Storage Project, and strategic transmission investments that unlock North Queensland’s world class renewable energy capacity, will support Queensland to reach 50% renewables by 2030.”
Expansion of accommodation camp at Oaks Rush, Kidston