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Genex Power Ltd has closed an AUD35 million (US$25.32 million) debt financing for the construction of its 50 MW/100 MWh Bouldercombe battery energy storage project in Queensland, Australia.
Infrastructure fund manager Infradebt Pty Ltd has provided the loan that will have a fixed interest rate over 12 years from the start of the commercial operation that is targetted at the second half of 2023.
The project will consist of 40 units of Tesla Megapack lithium-ion batteries. Under the revenue sharing signed with Genex, Tesla will operate the project for the first eight years while Genex will get guaranteed fixed revenue.
