Work has officially begun on Genex Power’s Kidston pumped hydro project which will help to secure energy supply across north Queensland and support more than 500 jobs during construction and 30 ongoing jobs.
Located west of Townsville, the Genex Kidston project will repurpose the old Kidston gold mine to a 250 MW / 2000 MWh pumped hydro power station which will deliver eight hours of energy storage.
The project recently reached a key funding milestone, having secured a $610 million loan through the Northern Australia Infrastructure Facility (NAIF) and a $47 million grant from Australian Renewable Energy Agency (ARENA).
“The project has Coalition Government support through a $610 million loan from the NAIF,” said Minister for Resources, Water and Northern Australia Keith Pitt.
“I congratulate Genex Power for today’s milestone, which marks the start of a mini boom in construction jobs for north Queensland, and a project which will strengthen energy security for the region.
“The project will transform the old Kidston gold mine into a major energy storage project which will help stabilise energy supplies in Queensland and keep energy prices as low as possible.”
Minister for Energy and Emissions Reduction Angus Taylor welcomed the news, saying the 250 MW/2000 MWh pumped hydro power station will deliver regional jobs and create a long-term dispatchable supply for north Queensland.
“This is critically important for large manufacturers and C&I customers in regional Queensland who rely on affordable, firm energy to grow their business and employ more Australians,” the Minister concluded.