Chairmans Address and AGM Presentation
Sydney, Nov 15, 2021 AEST (ABN Newswire) - Calendar year 2021 has been a landmark year for Genex Power Ltd (
ASX:GNX) as we energised the 50MW Jemalong Solar Project (JSP) and commenced construction on our flagship Kidston Pumped Storage Hydro Project (K2-Hydro). The development of these projects, coupled with our existing 50MW Kidston Solar Project (KS1) and extensive growth portfolio, position the Company as a leader in renewable energy generation and storage markets in Australia.
By 2025, our portfolio of renewable energy projects will provide clean energy to meet the needs of over 350,000 homes, removing almost two million tonnes per annum of carbon dioxide from our country's emission profile. Our Queensland projects will also contribute significantly in assisting the Queensland Government meet its 50% renewable energy target by 2030.
The 250MW Kidston Pumped Storage Hydro Project
The K2-Hydro Project reached financial close in May this year. Genex has been working towards this important milestone for over five years, and I would like to thank all of our stakeholders for their support as well as the team at Genex for their tireless work in reaching this significant event.
K2-Hydro is now fully funded through to completion with commissioning planned to begin in late CY24. Construction activities are now well underway, and we will be working closely with our team of quality partners over the next 3 years to deliver this icon project on time and on budget. Just a reminder that the Kidston Pumped Storage Hydro project provides 2000MWh of energy storage for the National Electricity Market (NEM).
The 50MW Jemalong Solar Project
The energisation of the 50MW Jemalong Solar Project in December 2020 represented our second revenue earning renewable energy project and further demonstrated our track record of project delivery. JSP is located near Forbes in central NSW and is now fully commissioned and operating as a merchant generator connected to the NEM. JSP is expected to deliver a significant step change in the Company's revenue from FY22 onwards.
The 50MW Kidston Solar Project
KS1, our first operating asset, located at our Kidston Clean Energy Hub in north Queensland, continued to perform well across the year, generating clean renewable energy into the NEM. The project delivered $10.6M in net revenue over the course of FY21.
The 50MW/100MWh Bouldercombe Battery Project
Genex's Bouldercombe Battery Project (BBP) in Queensland continues to progress. Subsequent to the end of the 2021 financial year we announced a Supply Agreement with Tesla Motors Australia Pty Ltd (Tesla). The Project will utilise Tesla's Megapack lithium-ion battery technology, an all-in-one utilityscale energy storage system. The 50MW/100MWh battery will comprise 40 Megapacks.
Genex is continuing to fast track the development of the project. With a construction timeline of approximately 12 months, it is anticipated the BBP should begin commissioning in the second quarter of calendar year 2023 and be fully operational in the third quarter of calendar year 2023. The BBP diversifies the Company's portfolio and further positions Genex as a leader in renewable energy generation and storage in Australia.
The Kidston Wind Project
Further diversifying the project portfolio, the Kidston Wind Project (K3-Wind) continues to advance with the Company, and our joint venture partner J-POWER, modelling the wind resource at a number of sites surrounding the Kidston Clean Energy Hub. Energy generated by K3-Wind will flow into the NEM via the new 275kV transmission line being constructed by Powerlink Queensland as part of the K2- Hydro project. The project is planned for completion in mid calendar year 2025.
Corporate
During FY21 the Company undertook two equity raisings to help progress the development of our portfolio of renewable energy generation and storage assets. In August 2020, we successfully raised $21.3M via a placement of shares to both existing and new sophisticated and institutional shareholders, coupled with a further $2.85M raised by a Share Purchase Plan. This raising helped to fast track the BBP, fund financial close costs at K2-Hydro and provide working capital.
In March 2021, the Company raised a further $90M via an institutional placement and an 11-for-20 fully underwritten pro-rata accelerated non-renounceable entitlement offer. These proceeds completed the funding of the K2-Hydro project.
J-POWER Investment
Following approval at the Extraordinary General Meeting of Genex shareholders (EGM) held on 29th April 2021, J-POWER became a substantial shareholder in the Company with their $25M investment into Genex. J-POWER is providing valuable technical expertise to the K2-Hydro project.
We have further extended our relationship with J-POWER by Genex and J-POWER becoming JV partners for the K3-Wind Project. The strategic relationship between our companies, and J-POWER's direct investment, has resulted in the appointment of a J-POWER representative to the Genex Board of Directors, Kenichi Seshimo, who we welcomed to the Board in May this year.
To view the AGM Presentation, please visit:
https://www.abnnewswire.net/lnk/2PC1CTJ3
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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