Genex Power Limited announces the 250-MW Kidston Pumped Storage Hydro Project (K2-Hydro) has been declared a Coordinated Project by the Queensland State Government.
The Coordinated Project declaration provides an expedited pathway for Genex to finalize all outstanding approvals for the Australian project, according to a press release.
“This declaration is recognition of the significant positive benefits that the project will have to the region and state, and coming on the heels of the recently announced Development Approval provides further support from the Office of the Coordinator General as we finalise outstanding environmental approvals ahead of closing the financing and commencing construction in 2019,” said Genex Chief Executive Officer James Harding.
Minister for State Development, Manufacturing, Infrastructure and Planning Cameron Dick said, “The project complements the State’s shift to renewable energy and supports the target of generating 50 per cent of Queensland’s electricity needs from renewable energy by 2030. The addition of hydroelectric generation in Northern Queensland will add stability and system strength to the network in the region, reducing the necessity for importing excess electricity from neighbouring areas, providing a benefit to the entire network.”
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.
Support for the project comes from the Federal Government, through the Australian Renewable Energy Agency, which provided $8.9 million in funding to support construction of the KS1 Project, in addition to up to $9 million in funding to support the development of the stage 2 projects. Genex also acknowledges the Queensland State Government providing a 20-year revenue support deed and designating the hub as “Critical Infrastructure” to the State.
Last month, Genex appointed power and water consulting firm Entura to be owner’s engineer for the Kidston Stage 2 project.
Genex is focused on innovative clean energy generation and electricity storage solutions. The company has a development pipeline of up to 770 MW of renewable energy generation and storage projects in its portfolio.