J-power signs agreement to acquire stakes in 250 MW Kidston pumped storage hydro project from Genex Power
Genex Power Limited has signed a share subscription agreement (SSA) with Electric Power Development Co Ltd, trading as J-POWER, for a conditional investment of up to AUD$25 million (US$17.5 million) for the sale of interests in the 250 MW pumped storage hydropower plant in Queensland.
The investment will be made by way of a subscription for ordinary shares in Genex, with the proceeds to be principally applied toward Genex’s equity funding component for the construction of the Kidston Pumped Storage Hydro Project (K2-Hydro).
The Kidston pumped hydro project is a 250 MW power generation project proposed by Genex, which is looking to complete construction by 2022. The deal includes J-Power providing technical expertise to Genex and will also nominate a director to the company’s board.
The agreement is subject to approval by Genex shareholders.
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