The 50 MW Kidston Solar Project
Genex Power has generated its first revenue from Kidston Solar Stage 1 Project (“KS1”) in Northern Queensland which is now being transmitted into the National Electricity Market. The milestone event follows successful ‘transformer energisation’ of the project.
Commenting on the first revenue generation of early December Genex Managing Director Michael Addison said “The Project has now transitioned from being technically operational to commercially active. This groundbreaking milestone marks the first earnings for the Project and for Genex as a company.
“The transition from a development company to generating operational cash flows will serve to strengthen our financial position as we seek to reach financial close for our Kidston Stage Two Projects in 2018.”
As commissioning for the Project is completed over the coming months, electricity generation will be ramped-up until full capacity has been reached, at which point the 20-year Revenue Support Deed with the Queensland State Government will be initiated.
ARENA provided $8.9 million in funding to support the construction of KS1, in addition to providing up to $9 million in funding to support the development of the Kidston Stage Two Projects.
Standing by its commitment, the Queensland State Government has continued to support the development of the Kidston Renewable Energy Hub, providing a 20-year revenue support deed for KS1 through the Solar 150 Program, and designating the Kidston Renewable Energy Hub as ‘Critical Infrastructure’ to the State.
KS1 is the first cab off the rank in the grand plan for the Kidston Renewable Energy Hub in Northern Queensland. Following financial close of the Kidston Stage 1 Solar Project, the Company’s focus is on the development of its 250 MW Kidston Pumped Storage Hydro Project and the integrated 270 MW Kidston Solar Project (Stage Two).