Genex Power Ltd (ASX:GNX) executive director Simon Kidston tells Proactive Investors all the latest regarding the development of The Genex Kidston Renewable Energy Hub in north Queensland. The renewable energy generation and storage company is in the midst of developing the project in three stages.
"The first stage is a 50 megawatt (MW) solar farm that was built last year, and we're very pleased to say it was built on time and under budget. The focus now is to build our second stage, it's a much larger project. It's an integrated pump storage hydro project which is our giant 'water battery,' and we're going to integrate that with an expanded solar farm. And down the track, stage three, is a wind farm which will be developed over the next couple of years," explains Kidston.
Genex Power has been working closely with the Queensland and Commonwealth governments, and last week announced that the latter's Northern Australia Infrastructure Facility Agency has granted a concessional loan of up to $516 million for Phase Two development. Construction is slated to begin next year.
Kidston teases, "in the six months to the end of this calendar year, we've got some major, major milestones which we expect to finalise. One of the key ones is a long-term offtake arrangement with a major energy utility in the Queensland market that will underpin our revenues for the next ten years."