- Genex Power (GNX) reaches financial close for its 50MW/100MWh Bouldercombe Battery project in central Queensland
- Financial close signals the satisfaction of all conditions precedent associated with the project
- The company says it was able to reach financial close with the recently completed placement and the $35 million debt facility with Infradebt
- Construction of the project is expected to commence in July with detailed design for the civil and electrical works having already started.
- Shares were trading flat today at 14 cents each by the end of the trading day
Genex Power (GNX) has reached a financial close for its 50MW/100MWh Bouldercombe Battery project in central Queensland.
The project is expected to be one of the first standalone large-scale Battery Energy Storage Systems in Queensland.
Financial close signals the satisfaction of all conditions precedent associated with the project.
The company said it was able to reach financial close with the recently completed placement and the $35 million debt facility with Infradebt.
The funds will go towards the construction of the project, repayment of an existing facility, and working capital.
Construction is expected to start in July with detailed design for the civil and electrical works that have already started.
Early next year, Tesla Motors Australia will deliver 40 Megapack units to the project with commissioning and first-generation expected by mid-next year.
Chief Executive Officer James Harding said this is a significant achievement for the company.
“Genex has now issued Notice to Proceed to the project’s key contractors, namely Tesla Motors Australia, Consolidated Power Projects and Powerlink, and design and procurement activities have commenced,” he said.
“I would like to thank all of those who participated in our recent Placement, which has enabled the company to reach financial close.
“I would further like to thank Infradebt who have provided the debt funding required to develop the Bouldercombe Battery Project.”
Shares were trading flat today at 14 cents each by the end of the trading day.