Asia and Oceania, Finance, News, Pumped Storage Hydro

Genex Power says 250-MW Kidston Pumped Storage Hydro advancing after all

Genex Power Limited says that the Northern Australia Infrastructure Facility (NAIF) board has extended the date of its offer of long-term concessional loan funding for the 250-MW Kidston Pumped Storage Hydro Project to June 30, 2020.

In a press release, Genex Chief Executive Officer James Harding says, “We are progressing the restructuring of the transaction with a view to achieving financial close on this iconic project as soon as possible.” This comes on the heels of a Nov. 1 announcement that the company no longer anticipated reaching financial close on the project in CY 2019 after receiving notice from EnergyAustralia Pty Ltd that it could not reach a positive investment decision about the project.

Genex said it now is working to achieve financial close as early as possible in 2020.

NAIF made the decision to offer finance for Kidston in July 2019, with a long-term concessional debt facility for up to $610 million.

The project, also known as the K2-Hydro project, is part of the Kidston Renewable Energy Hub in far-north Queensland (Kidston Hub). The Kidston Hub is comprised of the operating 50-MW Stage 1 Solar Project (KS1), the K2-Hydro project and the multi-staged integrated solar project of up to 270 MW (K2-Solar) under development and the Kidston Stage 3 Wind Project of up to 150 MW under feasibility study.