Genex reaches agreement to commence early works on 250-MW Kidston Pumped Storage Hydro

Genex Power Limited announces it has entered into an agreement with the joint venture of McConnell Dowell/John Holland (MDJH-JV) to immediately commence an early works program on the 250-MW Kidston Pumped Storage Hydro Project (K2-Hydro) at Genex’s Renewable Energy Hub at Kidston in North Queensland.

According to a press release, the MDJH-JV will commence work on an agreed program to accelerate the development of the project ahead of financial close, which remains on track for the first half of 2019.

The early works program will focus on work surrounding the hydraulic design and related activity for the hydro turbines, one of the longest lead time items in the K2-Hydro construction program, and will be followed by preliminary electrical design work and other project preparation activities.

“Embarking on this early works program with the MDJH-JV is a significant milestone for Genex as work gets under way on our biggest project, which has been in planning for a number of years,” said Genex Chief Executive Officer James Harding. “Genex continues to work closely with Powerlink, the Queensland State Government, NAIF, ARENA, EnergyAustralia and other key stakeholders to finalize the remaining activities ahead of the Financial Close milestone.

The Kidston Pumped Hydro Project will play a vital role in facilitating and supporting the further penetration of renewable energy in the National Electricity Market.”

Genex Power is a power generation development company focused on innovative clean energy generation and electricity storage solutions that deliver attractive commercial returns for shareholders. The Company has a development pipeline of up to 770 MW of renewable energy generation and storage projects within its portfolio, underpinned by the Kidston Renewable Energy Hub in far-north Queensland. The Kidston Hub is comprised of the operating 50-MW Stage 1 Solar Project, the 250-MW Pumped Storage Hydro Project (K2-Hydro) 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.

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