Genex Power Limited has announced that it has entered into a non-binding term sheet with EnergyAustralia Pty Ltd in respect of a long-term energy storage services agreement and equity investment in the company’s 250 MW Kidston Pumped Storage Hydro Project.
EnergyAustralia has conditionally agreed to negotiate, finalise and execute a long-term energy storage services agreement with Genex for the full dispatch and market rights attaching to K2-Hydro. The company shall also provide for a proposed equity investment into a newly created Special Purpose Vehicle which will be incorporated to construct, own and operate the project.
In the event of a takeover offer for Genex being announced during the exclusivity period, EnergyAustralia may, under certain circumstances, be entitled to extend the exclusivity period for a further period and payment of a break fee.
Genex is now seeking to move to financial close for K2-Hydro in H1 2019, with the development and financial close of K2- Solar to occur following the project financing of K2-Hydro.
The Kidston Pumped Storage Hydro Project is located in Northern Queensland. It has an upper and lower reservoir, in addition to an adjacent balancing storage pit. The upper storage reservoir will be created using a 'turkey's nest' type dam, constructed on the waste rock dump to the north of Eldridge Pit. The lower storage reservoir for the project will be the existing Eldridge Pit. The project has been designed to support 2000 MWh of continuous power generation in a single generation cycle. It will be co-located alongside the K-2 270 MW solar PV array.
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