Date Time
Allens advises NAIF on landmark pumped hydro project
Allens has advised Northern Australia Infrastructure Facility (NAIF) on the financing of Genex Power Ltd’s Kidston Pumped Storage Hydro project, Australia’s first pumped hydro plant in 37 years and the first in the world to use abandoned gold mine pits.
NAIF will contribute a loan of up to $610 million to fund the $777 million project, which will use converted mine pits to store energy from the site’s existing 50MW solar farm and a planned 150MW wind farm. ARENA will contribute $47 million to the project, with Genex also contributing $120 million in equity, inclusive of a $25 million equity investment by J-Power in Genex.
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.
EnergyGenex Power secures funding for Australiaâs first pumped hydro project in 40 years
Reuters
2 minutes read
A view of Wises Pit, one of two old gold mine pits that Australian company Genex Power plans to use for a pumped hydro project, in Kidston, northern Queensland, Australia April 4, 2019. Picture taken April 4, 2019. REUTERS/Sonali Paul
Genex Power (GNX.AX) said on Thursday it had secured all funding needed for what will be Australiaâs first new pumped hydro project on the grid in about 40 years, and expects construction to start towards the end of the month.
The power generation company will receive a A$610 million ($471.16 million) loan from the Northern Australia Infrastructure Facility for the 250-MW Kidston project, which is being built at an abandoned gold mine in Queensland.