Quarterly Activities Report
Sydney, Oct 20, 2021 AEST (ABN Newswire) - Genex Power Limited (
ASX:GNX) is pleased to provide the following update on the Company's activities and performance for the quarter ending 30 September 2021 (Q1 FY22 or the Period). During the Period, the Company made significant progress on its first large-scale Battery Energy Storage System (BESS) with the signing of a Supply Agreement with Tesla Motors Australia Pty Ltd (Tesla) for the 50MW/100MWh Bouldercombe Battery Project (BBP).
HIGHLIGHTS
- Supply Agreement with Tesla signed for the BBP, a key milestone towards achieving Final Investment Decision in Q2 FY22;
- Construction activities at the Kidston Pumped Storage Hydro Project (K2-Hydro) continued to ramp up with the project remaining on budget and schedule to be operational in late CY24;
- During the Period, the 50MW Kidston Solar Project (KS1) generated 26,038MWh of renewable energy with the 50MW Jemalong Solar Project (JSP) generating 22,195MWh of renewable energy, delivering a combined revenue for the Period of $5.1M;
- The Company continues to make significant advancements on both the BBP and Kidston Wind Project (K3-Wind);
- Genex finished the Period in a strong cash position, with cash at bank of $41.8M as of 30 September 2021; and
- Mr Craig Francis was appointed as Chief Financial Officer effective 1 October 2021, while Ben Guo transitioned to a Non-Executive Director from the role of Finance Director.
Commenting on the Company's Q1 FY22 performance, Genex CEO, James Harding said: "During the Period, Genex achieved a significant milestone with the signing of a Supply Agreement with Tesla for the Bouldercombe Battery Project in Queensland that will help support a Final Investment Decision in the coming months. The project is Genex's first large-scale Battery Energy Storage System and is part of our Como Storage Strategy to broaden our footprint in energy storage.
Works continued at the Kidston Pumped Hydro project, with a number of initial site preparation activities including the airstrip, site office and workshops now complete. We will continue to work closely with our team of project delivery partners, notably John Holland, McConnell Dowell and Andritz to ensure successful delivery of an outstanding large-scale storage project for the National Electricity Market.
I would also like to congratulate Craig Francis on his promotion to the position of Chief Financial Officer. Craig has been with Genex since 2017 in the role of General Manager of Commercial Finance.
I would also like to thank Ben Guo for his contribution as Finance Director, and I am pleased that he will remain on the Board as a Non-Executive Director.
Our 2 solar farms at Kidston in Queensland and Jemalong in New South Wales, are performing well while we continue to progress our growing portfolio of renewable energy and storage projects. I look forward to updating the market in the coming period on the progress of our Bouldercombe Battery Project and Kidston Wind project.
Genex remains focussed on delivering a diverse portfolio of renewable energy and storage projects in the Australian market, positioning ourselves as Australia's leading listed renewable energy company."
To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/6781C15K
About Genex Power Ltd
Genex Power Limited (ASX:GNX) is focused on developing a portfolio of renewable energy generation and storage projects across Australia. The Company's flagship Kidston Clean Energy Hub, located in north Queensland, will integrate large-scale solar generation with pumped storage hydro. The Kidston Clean Energy Hub is comprised of the operating 50MW stage 1 Solar Project (KS1) and the 250MW Kidston Pumped Storage Hydro Project (K2-Hydro) with potential for further multi-stage wind and solar projects. The 50MW Jemalong Solar Project (JSP) is located in NSW and provides geographical diversification to the Genex Power Limited portfolio. JSP was energised in early December 2020 and commissioning is now underway. Genex is further developing its energy storage portfolio via the early stage development of a 50MW/75MWh standalone battery energy storage system at Bouldercombe in Queensland. With over 400MW of renewable energy and storage projects in development, Genex is well placed as Australia's leading renewable energy and storage company.
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