- Genex Power (GNX) has officially commenced construction of its Kidston Pumped Storage Hydro Project in North Queensland
- This comes after Genex issued a notice to proceed under a design and construct contract with Energy Solutions
- It also issued a notice to proceed under an engineering, procurement and construction (EPC) contract with a joint venture company of McConnell Dowell Constructors and John Holland Group
- While these contracts get underway, Genex will ramp up other activities such as refurbishing the accommodation village and completing upgrades
- Genex ended the day 2.38 per cent in the green with shares closing at 21.5 cents
Genex Power (GNX) has officially commenced construction of the 250-megawatt Kidston Pumped Storage Hydro Project in North Queensland.
This comes after Genex issued a notice to proceed under a design and construct contract with Energy Solutions for the surface connection assets.
Energy Solutions will construct a new substation at Kidston to connect into the Powerlink transmission line and new 275kV transmission infrastructure to connect from the substation.
The other notice to proceed was issued under an engineering, procurement and construction (EPC) contract with a joint venture company of McConnell Dowell Constructors and John Holland Group.
This work will include dam construction, underground and waterway civil works. The undisclosed joint venture will also conduct a powerhouse fit-out of all electromechanical equipment.
Work under both contracts is expected to take nearly four years.
“With activity steadily ramping up at site, Genex is now firmly focussed on the delivery of this project through the construction phase, with commissioning and operations to commence in late 2024,” CEO James Harding said.
While these contracts get underway, Genex will continue ramping up other activities such as refurbishing the accommodation village, completing airstrip and communications infrastructure upgrades, and upgrading the fresh water supply line from the Copperfield Dam.
With construction now commencing, Genex expects to reach financial close next month.
Genex ended the day 2.38 per cent in the green with shares closing at 21.5 cents.