NAIF extends funding date for Kidston pumped storage project

13 November 2019

The Northern Australia Infrastructure Facility (NAIF) Board has extended the date of its offer of long-term concessional loan funding for the Kidston Stage 2 pumped storage hydro project, which was provided to Genex Power Limited earlier this year. The offer was originally made to 30 November 2019 and has now been extended to 30 June 2020.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.

 “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,” said James Harding, CEO of Genex. “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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