Clean energy firm Genex Power has achieved financial closure for its 50 MW first phase of Kidston solar power project in far north Queensland.
Genex said on December 2 it has received financing approval from its debt syndicate for a AUD110 million debt facility for the construction of the project. Engineering group UGL, which is the contractor for the project, will soon start construction at the site, which is 270km north-west of Townsville.
Construction is expected to be complete towards the end of 2017, allowing first generation and revenue by the last quarter of the year, Genex said. The company had previously also secured an AUD8.85 million grant from the Australian Renewable Energy Agency (ARENA) for construction of the Kidston project.
In September, Genex signed a long-term price guarantee agreement with the Queensland government for the electricity from the project. By 1200 AEDT, Genex Power shares were up 14.6 per cent to 31.5 cents each.
The project is at an abandoned gold mine in North Queensland totalling 150 MW solar photovoltaic park. The site offers one of the best levels of solar irradiation in Australia. 99 percent of the solar power will be produced at higher demand periods.