Australian renewable energy developer Genex Power has postponed its plan to reach a financial close and the start of construction on the flagship project Kidston pumped hydroelectric facility by the second quarter of 2021.
Genex Power has completed the final due diligence while the construction, financing, and operational documentation is now in the substantially agreed form.
Reflecting on the revised timetable, Genex has today secured the signing of an extension to the sunset date of the Energy Storage Services Agreement (ESSA) with EnergyAustralia Pty Ltd (EnergyAustralia) to fit within the revised timeframe through the signing of a Second ESSA Amendment Deed.
Genex is also in discussions with Electric Power Development Co. Ltd (J-POWER) regarding an extension of the sunset dates of the Share Subscription Agreement (SSA) and Technical Services Agreement (TSA) to align with the revised timetable.
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