Genex Power announced that it has reached a key funding milestone for the Kidston pumped hydro project, having secured a $610 million loan through the Northern Australia Infrastructure Facility (NAIF) and a $47 million grant from Australian Renewable Energy Agency (ARENA).
Located west of Townsville, the Genex Kidston project will repurpose the old Kidston gold mine to a 250 MW / 2000 MWh pumped hydro power station which will deliver eight hours of energy storage.
Minister for Resources, Water and Northern Australia Keith Pitt said the project, which is expected to be completed by 2024, will create 500 construction jobs and deliver affordable, reliable electricity for north Queensland.
“The Kidston pumped hydro project will create around 500 jobs in north Queensland during the construction phase and will help secure long-term and affordable electricity supplies to help the region grow further over the next 50 years,” Minister Pitt said.
“I congratulate the Genex Power team and project partners for reaching contractual close on the NAIF loan and look forward to seeing the project come to life.”
NAIF CEO Chris Wade said the loan represented NAIF’s largest financing commitment to date.
NAIF was an early supporter of the transformational Kidston Pumped Storage Hydro Project and we have worked closely with Genex to ensure the project is a success,” Mr Wade continued.
“We are delighted that our $610 million financing in the project has reached contractual close.
“Our early funding commitment was critical in providing other parties the confidence to proceed with finalising the project.
“Simply put, without NAIF’s early support, the Kidston pumped hydro project would not be able to go ahead.”
Genex CEO James Harding said he was delighted that the company has now executed all outstanding finance documents and, in doing so, secured all of the funding required to construct the Project.
“I would sincerely like to thank our financiers NAIF, ARENA and the CEFC, together with the Queensland Government, for their continued and longstanding support of Genex and the Project, without which the realisation of this iconic project would not be possible,” Mr Harding added.
“We look forward to updating the market when we commence construction at the Kidston site toward the end of this month.”
