Genex Power Limited has secured further Federal Government funding of up to $5 million via a funding agreement with the Australian Renewable Energy Agency (ARENA) for the Kidston Stage 2 Project (K2) at Kidston, North Queensland.
Genex Power Limited has secured further Federal Government funding of up to $5 million via a funding agreement with the Australian Renewable Energy Agency (ARENA) for the Kidston Stage 2 Project (K2) at Kidston, North Queensland.
The K2 Project comprises the 250MW Kidston pumped storage hydro project (K2-Hydro), and the co-located 270MW solar PV Project (K2-Solar).
“Genex is pleased to continue its partnership with ARENA for the Kidston Stage 2 Project,” said Genex Managing Director, Michael Addison. “The continued support from ARENA is testament to the innovative nature of the Project, and the growing importance of large-scale energy storage in the context of the increasing penetration of renewable energy in the National Electricity Market. It also represents a vote of confidence in the pathway Genex has outlined to financial close.
“Following publication of our optimised technical feasibility study and the appointment of an ECI contractor for the K2-Hydro Project, the ARENA funding will be applied towards Genex’s project financing and EPC finalisation activities as the Company continues its engagement with EPC contractors, energy partners and debt and equity providers,” he added. “This additional funding serves to strengthen Genex’s financial position as the Company advances the Kidston Stage 2 Project to financial close in 2018.”