The Queensland State Government has declared Genex Power Limited’s 250MW Kidston pumped storage project (K2-Hydro) a Coordinated Project, with the declaration now providing an expedited pathway for Genex to finalise all outstanding approvals for the project.
The project was named a Coordinated Project pursuant to section 26(1)(a) of the State Development and Public Works Organisation Act 1971 (SDPWO Act).
“Genex welcomes the Coordinated Project declaration by the Queensland State Government,” commented CEO of Genex James Harding. “This declaration is recognition of the significant positive benefits that the Project will have to the region and state, and coming on the heels of the recently announced Development Approval provides further support from the Office of the Coordinator General as we finalise outstanding environmental approvals ahead of closing the financing and commencing construction in 2019”.
Minister for State Development, Manufacturing, Infrastructure and Planning Cameron Dick added: “The Project complements the State’s shift to renewable energy and supports the target of generating 50 per cent of Queensland’s electricity needs from renewable energy by 2030, as identified in The Powering Queensland Plan. The addition of hydroelectric generation in Northern Queensland will add stability and system strength to the network in the region reducing the necessity for importing excess electricity from neighbouring areas, providing a benefit to the entire network.
This renewable energy storage project has the ability to revitalise the local economy and I commend Genex on making sure locals benefit from the project.”