Genex Power to raise AUD16.2 million from capital hike to fund 50 MW Jemalong solar hybrid project in Australia

Genex Power Ltd has announced the successful undertaking of a Share Placement (Placement) of 67,482,878 new Fully Paid Ordinary Shares (Shares) to both existing and new sophisticated and institutional shareholders to advance the Company's Jemalong Solar Project (JSP) in New South Wales.

Pursuant to the terms of the Placement, the company has agreed to issue 67,482,878 Shares in the Company at an issue price of AUD0.24 (US$0.17) per share to raise approximately AUD16.2 million (US$11.3 million) before costs associated with the Placement. The Shares will be placed to institutional and sophisticated investors.

Completion of the Placement is expected to occur on 2 July 2019, with trading of the new Shares expected to occur on 3 July 2019. EL&C Baillieu Limited (Baillieu) and Euroz Securities Limited (Euroz) will act as Joint Lead Managers to the Placement.

Genex Power will use the proceeds from this offering to cover in part the equity requirements for Jemalong and for general working capital purposes.

The Jemalong solar plant is a 30 MW CSP facility with 10 hours of storage and a 20 MW PV facility located near Forbes in the central west region of New South Wales, south-east Australia. The scheme consists of single axis tracking systems and uses sodium as a heat transfer fluid to capture concentrated solar energy that can then be stored and used on demand, on the utility-scale.