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Corporate Spotlight

Strong positive & stable cash flows from 50MW Kidston Project with a 20yr Revenue Support Deed.
Upside from strategic 250MW Kidston Pumped Storage Hydro Project + 270MW Kidston Solar Project
National Energy Guarantee places value on large-scale storage to compliment growth of renewable industry
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Interview with Simon Kidston from Genex Power Ltd

HYDRO ENERGY

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GENEX SIGNS TERM SHEET WITH ENERGYAUSTRALIA FOR LONG-TERM HYDRO ENERGY AGREEMENT AND EQUITY INVESTMENT 

ASX Announcement 20 December 2018 


Genex Power Limited (ASX: GNX) (Genex or Company) is pleased to announce that it has entered into a non-binding term sheet (Term Sheet) with EnergyAustralia Pty Ltd (EnergyAustralia) in respect of a long-term energy storage services agreement and equity investment in the Company’s 250MW Kidston Pumped Storage Hydro Project (K2-Hydro or Project). Genex is also pleased to provide an update on the progress of the Kidston Stage 2 projects. 


Term Sheet with EnergyAustralia 

Pursuant to the provisions of the Term Sheet, EnergyAustralia has conditionally agreed to negotiate, finalise and execute a long-term energy storage services agreement with Genex for the full dispatch and market rights attaching to K2-Hydro. In addition, the Term Sheet provides for a proposed equity investment by EnergyAustralia into a newly created Special Purpose Vehicle (SPV) which will be incorporated to construct, own and operate the K2-Hydro project.


The Term Sheet is non-binding and is subject to satisfactory completion of due diligence, with the long form agreements to be subject to a number of conditions precedent including final debt facility documentation, financial arrangements and agreements for grid connection, long form energy storage agreement and equity documentation, EnergyAustralia Board Approval and Genex Board Approval.


Genex has entered into a period of exclusivity with EnergyAustralia during which EnergyAustralia will complete its detailed due diligence and the two parties will seek to finalise the long form energy storage services agreement and equity arrangements on the basis of the terms agreed in the Term Sheet. In the event of a takeover offer for Genex being announced during the exclusivity period, EnergyAustralia may, under certain circumstances, be entitled to extend the exclusivity period for a further period and payment of a break fee.


Update on the Kidston Stage 2 projects 

In addition to today’s key announcement, Genex wishes to provide an update on the Kidston Stage 2 projects, comprising K2-Hydro and the co-located solar farm of up to 270MW (K2-Solar). 


Given the strong endorsement for K2-Hydro provided by EnergyAustralia, Genex is now seeking to move to financial close for K2-Hydro in H1 2019, with the development and financial close of K2- Solar to occur following the project financing of K2-Hydro.


The Board believes that its strategic decision to stage the development of K2-Solar will allow both K2-Hydro and K2-Solar to commence generation simultaneously in 2022, given the shorter development and construction timeline associated with K2-Solar. This will allow for an optimised timeline for construction of the new 275kV transmission line from Mt. Fox to Kidston and will reduce complexity for the overall project financing structure. The development and financing of K2- Solar remains a 2019 priority for the Company. 


Figure 1. Kidston Renewable Energy Hub. 

Click here to view the full announcement

PRACTICAL COMPLETION

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50MW KIDSTON SOLAR PROJECT REACHES PRACTICAL COMPLETION 

ASX Announcement 3 December 2018


Genex Power Limited (ASX: GNX) (Genex or Company) is pleased to announce that its 50MW Kidston Solar Project (KS1 or Project) has successfully reached Practical Completion (PC). 


PC marks the final milestone of the construction and commissioning stages of the Project. Following energisation in late 2017, the Project has undergone detailed commissioning processes that have allowed for the gradual ramp-up to full capacity. Engineering, Procurement and Construction (EPC) contractor UGL has successfully passed all the commissioning and performance tests required for PC to be granted.


The Project will continue to be operated and maintained by UGL under the terms of an Operation and Maintenance (O&M) Agreement for an initial 5-year period, with an option for Genex to extend for an additional 5 years.


Commenting on the final milestone, Chief Executive Officer of Genex, James Harding stated:


“We are very pleased to have successfully reached Practical Completion for KS1. This marks the completion of the Project construction and commissioning phase, and is the culmination of a successful cooperation between Genex, UGL, Ergon Energy and the Australian Energy Market Operator. We wish to thank UGL for their professionalism and efforts to finalise the Project and complete the outstanding EPC components, and we look forward to continuing our collaboration during the O&M phase.” 



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AGM

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50MW SOLAR

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Commencement of Queensland Government Financial Support Deed

ASX Announcement 1 August 2018 

Genex Power Limited (ASX: GNX) (Genex or Company) is pleased to advise that on 31 July 2018, the Queensland Government Solar 150 Financial Support Deed commenced in relation to the 50MW Kidston Solar Project (KS1 or Project).

In accordance with the terms initially announced to the ASX on 8 September 2016 which stated, in part:

“…Genex … has secured Queensland Government Financial Support for 100% of the energy that will be produced from the Solar Project via a long-term price guarantee arrangement (akin to what is known in the industry as a Power Purchase Agreement or PPA). Pursuant to the terms of the Solar 150 Financial Support Deed, Large-scale Generation Certificates (LGC’s) will be surrendered to the State…”

Under the Support Deed, Genex now has guaranteed revenue for the next 20 years to July 2038. With the commencement of the Support Deed, Genex will now report revenue on a quarterly basis.

Click here to view the full announcement 

VIDEOS

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