The project is designed to generate 250MW of electricity with 6hrs of continuous generation and 1,500MWh of storage capacity.
Backed by $4m funding from the Australian Renewable Agency (ARENA), the study has outlined the optimized design and capacity of the storage project. It also revealed that the project has potential to convert the mine into a giant battery.
Designed to power 100,000 homes, the hydro storage plant is expected to help the country transition to a more affordable and reliable renewable energy future.
ARENA CEO Ivor Frischknecht said: “This is a very positive milestone and a springboard for Genex to develop and finance the full-scale project.
“Early indications show the project could provide low cost storage that’s significantly cheaper than other options such as batteries.
“It comes at a time when cost effective storage options are becoming increasingly important as more large-scale renewable energy generation enters the national electricity market.”
Genex now plans to secure finance for the project, which is designed to pump water into an upper storage reservoir through the day or overnight when prices are low.
The stored water is then release it into a lower reservoir to generate power during periods of high demand or need.
Frischknecht added: “If everything goes to plan, Genex should reach financial close and start construction in 2017, in an achievement that would pave the way for more large pumped hydro storage projects at disused mines to support our energy grids.”
According to Genex, the project is estimated to cost $282m and scheduled to commence operation in 2019.
Image: The Kidston mine in Australia. Photo: courtesy of the Australian Renewable Energy Agency (ARENA).
