Societe Generale to arrange financing for 50-MW solar park in Australia

Australia's Genex Power has recently revealed that it has chosen Societe Generale, a French multinational banking and financial services company headquartered in Paris, to serve as the sole lead arranger and financial adviser on the debt financing for the first 50 MW stage of the 150 MW Kidston solar photovoltaic park & 330 MW pumped storage hydropower plant.

According to sources, this agreement does not cover any equity or potential grant funding managed separately in relation to the solar photovoltaic plant. Additionally. Genex is in discussion with other parties seeking financing the entire project equity.

The innovative hybrid solar-hydro project will be located at an abandoned gold mine in North Queensland. It includes a 150 MW solar photovoltaic park and a 330 MW pumped storage hydropower plant to be built on top of the existing tailings storage facility at the Kidston mine.

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.