Genex Power Ltd (ASX:GNX) Quarterly Activities and Cashflow Reports
Quarterly Activities and Cashflow ReportsSydney, April 29, 2021 AEST (ABN Newswire) - Genex Power Limited (
ASX:GNX) is pleased to provide the following update on the Company s activities and performance for the quarter ending 31 March 2021 (Q3 FY2021), a period during which the Company made substantial progress with its Kidston Pumped Storage Hydro Project (K2-Hydro), having successfully raised additional funds to retain 100% ownership of the Project and reached Project Document Contractual Close.
Highlights
K2-Hydro
- Launch of $115 million equity raise, consisting of $90 million fully underwritten placement and rights issue, and an additional $25 million committed investment by J-POWER;
Genex Power Ltd (ASX:GNX) Construction Commences at Kidston Hydro Project
Construction Commences at Kidston Hydro ProjectSydney, April 28, 2021 AEST (ABN Newswire) - Genex Power Limited (
ASX:GNX) is pleased to announce that, further to its announcement of Project Document Contractual Close on 31 March 2021, it has today issued Notice to Proceed under two key construction contracts to formally commence construction of the 250MW Kidston Pumped Storage Hydro Project (K2-Hydro or Project).
This follows the issuance of Notice to Proceed to Powerlink for the 275kV transmission infrastructure works, on 31 March 2021.
Genex is pleased to advise that it has today issued Notice to Proceed under the Engineering, Procurement and Construction (EPC) contract with a joint venture of McConnell Dowell Constructors (Aust.) Pty Ltd and John Holland Group Pty Ltd (MDJH JV) for the Project. The EPC scope includes dam construction, underground and waterway civil works and the full powerhou
Genex Power Ltd (ASX:GNX) Reaches Finance Document Contractual Close for Hydro
Reaches Finance Document Contractual Close for HydroSydney, April 15, 2021 AEST (ABN Newswire) - Genex Power Limited (
ASX:GNX) is pleased to announce that, further to its announcement of Project Document Contractual Close on 31 March 2021, it has today completed the execution of all outstanding financing documentation and as a result has reached Finance Document Contractual Close ( FD Contractual Close ) for the 250MW Kidston Pumped Storage Hydro Project ( K2-Hydro or Project ). FD Contractual Close secures all of the external financing required for the Project to reach Financial Close.
As part of the FD Contractual Close process, the special purpose vehicle established to own and operate the Project ( Project SPV ) has executed the following final documentation to secure a total of $660M of external financing for the total Project construction costs:
15 April 2021
One of Australia’s first pumped hydro energy storage projects for several decades is set to commence construction before the end of the month, with project developer Genex announcing it had signed off on the financial contracts need to fund the project.
It means the 250MW/2,000MWh energy storage project, to be built at an old gold mine, is finally ready to go, following several years of development work and battles through delays and uncertainty.
The project is expected to create around 500 jobs in north Queensland, with construction expected to be completed by 2024.
The project will utilise two disused gold mine pits near the central Queensland township of Kidston, providing dispatchable supplies of energy storage, and will be combined with onsite supplies of renewable electricity.
Green light for first new hydroelectricity plant in almost 40 years
A former Queensland gold mining region is set to boost Australia’s first significant hydroelectricity plant in 37 years.
Australian Renewable Energy Agency (ARENA) has given conditional approval for $47 million in funding for the pumped hydro energy storage (PHES) project at Kidston, a former gold mining community around 200km north of Hughenden in central Queensland.
This project gives the disused open-cut mining ponds a new lease of life. Water will flow from an upper reservoir down a slope and through a turbine to generate electricity before reaching the bottom pool. During times of low demand, renewable energy will pump the water back to the top reservoir.