The funding was granted just as Genex is preparing to commence work on its Kidston Stage Two (K2) project. It is reported to integrate a 250MW pumped hydroelectricity storage facility and 270MW solar PV plant and will produce a maximum of 783GWh of renewable energy every year.
RenewEconomy reported on its website that during peak power demand periods, water will be released from the upper to the lower reservoir and will pass through reversible turbines. The report added, “During off-peak periods and when the sun is abundant, water will be pumped back from the lower reservoir to the upper reservoir using electricity primarily from the solar farm.”
Michael Addison, the Managing Director at Genex Power, expressed that the latest funding from ARENA would bolster the company’s financial status as it finalises financial close on its K2 project by the middle of next year.
The project has received support from ARENA since the start of its construction. The organisation has already provided $4 million for technical feasibility studies and $8.9 million for the Kidston Stage One solar PV project as part of the $92 million large-scale solar PV.
In a statement on Friday, the CEO of ARENA, Ivor Frischknecht, said, “The Stage Two of the Kidston hydro and solar project is an important step in achieving a secure and reliable grid and increasing the value delivered by renewable energy.”
He added, “Kidston will be the only grid-connected solar project located in Australia’s solar red zone, providing consistent strong sun throughout the year, and combining it with pumped hydro will provide Queensland access to an entirely renewable flexible energy option.”
On the other hand, Addison expressed his appreciation for the continued support of ARENA to Genex Power’s projects. He stated, “The continued support from ARENA is a testament to the innovative nature of the project, and the growing importance of large-scale energy storage in the context of the increasing penetration of renewable energy in the National Electricity Market.”
The full report is published here.
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