Genex Power Limited has recently announced that it has generated its first revenue from the successful transformer energisation of the Kidston Solar Stage 1 Project, also know as KS1 or Project.
Based on a press release published on the RenewEconomy website, the electricity generated from the said project is now being transmitted into the National Electricity Market (NEM). Producing electricity will be boosted until the full capacity has been reached, following the completion of commissioning the Project in the coming months.
The Managing Director of Genex Power Limited, Michael Addison, stated, “The Project has now transitioned from being technically operational to commercially active. This ground-breaking milestone marks the first earnings for the Project and for Genex as a company.”
He added, “This transition from a development company to generating operational cash flows will serve to strengthen our financial position as we seek to reach financial close for our Kidston Stage Two Projects in 2018.”
The Australian Renewable Energy Agency (ARENA) assists the Federal Government in providing a funding amounting to $8.9 million to aid the KS1 construction. This amount is in addition to the $9 million in funding to support the development of the Kidston Stage Two Projects.
The press release further mentioned, “The Queensland State Government has continued to support the development of the Kidston Renewable Energy Hub, providing a 20-year revenue support to deed for KS1 through the Solar 150 Program, and designating the Kidston Renewable Energy Hub as ‘Critical Infrastructure’ to the State.”
In August of this year, Genex has sealed the deal to connect the Kidston Renewable Energy Hub to the national grid. A report on RenewEconomy dated August 18, stated, “The agreement builds on the Queensland government’s Powering North Queensland Plan, which includes a $150 million reinvestment of Powerlink dividends to develop strategic transmission infrastructure in the north and north-west Queensland, to support a clean energy hub.”
For the full report, click here.
Phillip Riley Takes the Lead in Powering Queensland’s Energy Transition We’re thrilled to announce a significant milestone in our journey – Phillip Riley has been selected as the preferred international acquisition partner for the groundbreaking