News / IPPToday #34: Genex receives funding approval for largest PV and pumped hydro project in Australia

IPPToday #34: Genex receives funding approval for largest PV and pumped hydro project in Australia

🕔 August 9, 2017
IPPToday #175: Legal challenge delays signing of US$4.7 billion renewable projects in South Africa

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Australian-based energy developer Genex Power has received first-round board approval from the Northern Australia Infrastructure Facility (NAIF) for potential debt funding of its stage 2 large-scale solar and hydro pumped storage projects, which are part of the Kidston Renewable Energy Hub, in Northern Queensland. This follows the strategic assessment phase, which involved preliminary and assessment stakeholder consultation.

These huge projects are its 270MW solar PV and 250MW pumped hydro phase 2 projects in Kidston, which follow the 50 MW Kidston Solar Project Phase One for which Genex is moving forward with construction.

As, we informed, Genex achieved the financial close for the Phase One project in mid February with first generation from the solar panels into the grid expected in Q4 2017 and practical completion in Q1 2018.

Genex is currently working on advancing its Stage 2 projects,  seeking energy partners, debt financing and energy infrastructure firms. with a view to commencing construction in 2018. 

This second phase is particularly interesting given that it will potentially pair the solar generation with pumped hydro,  allowing for 24-hour power from renewables. Genex published a study at the end of last year that the company claimed showed it would be technically feasible to connect the PV plant with the pumped hydro facility.

NAIF is a Federal Government organisation mandated with AUD5 billion in aggregate loans to encourage and complement private sector investment in developing new or substantially enhancing existing infrastructure that benefits northern Australia. This may include airports, communications, energy, ports, rail and water.

Michael Addison, Managing Director said:

“Genex welcomes this decision from NAIF as it views NAIF as an integral partner in the Stage 2 project financing. Genex is aiming to commence construction of the 270MW solar and 250MW hydro projects in 2018.

Also commenting on NAIF’s decision, Laurie Walker, CEO of NAIF said:

“NAIF is looking forward to working with Genex on the full due diligence phase for Genex’s Stage 2 solar and hydro pumped storage facility at Kidston in North Queensland. NAIF is keen to support infrastructure projects across northern Australia that will generate public benefit and economic and population growth in Northern Australia, such as this in the renewable energy sector”.

We recently informed about one of the largest photovoltaic projects in Australia, the 1-GW Wandoan South Solar Project, to be constructed at a site 21 km south-west from Wandoan in Queensland. It will involve a capital investment of approximately AUD1.5 billion (US$1.18 billion).

We have informed about other solar projects in Australia lately:

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