Genex Power confirmed that it has reached financial close for the 250MW Kidston Pumped Storage Hydro Project, following a significant investment from sustainable energy company J-POWER, which acquired a 10% stake in Genex.
The announcement comes a month after Genex secured a $610 million loan through the Northern Australia Infrastructure Facility (NAIF), a $47 million grant from ARENA, and a $147 million investment form the Queensland Government to deliver the project.
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.
Genex CEO James Harding said the company continues to ramp up construction activities at the Kidston site, with the project to be completed by 2024.
“I am pleased to report that site preparation activities at Kidston are now well progressed as we prepare for full scale Project construction activities over the next few months.” Mr Harding said.
“I would like to thank J-POWER for their significant investment and ongoing support of the Company since 2019, and I am very pleased to welcome Mr Kenichi Seshimo to the Board of Directors at Genex.
“Further, I would sincerely like to thank the Queensland Government for the significant $147 million funding support for the Project, together with our financiers NAIF, ARENA and the CEFC for their continued commitment and longstanding support of Genex and the Project.