- Genex Power (GNX) has achieved financial closure for the $777 million construction of a 250-megawatt hydro project in Northern Queensland
- This follows settlement and allotment of around 106 million shares in Genex at 23 cents each to J-Power, which is now the largest shareholder in the company at 10 per cent
- CEO James Harding says today is a landmark moment for Genex
- The company is continuing to ramp up constructing activities at the Kidston site, include installing accommodation units, upgrading the access ramp and installing a new communications system
- Genex is up 6.82 per cent on the market today and is trading at 23.5 cents per share
Genex Power (GNX) has achieved financial closure for the $777 million construction of a 250-megawatt hydro project in Northern Queensland.
Financial close refers to the point at the end of the procurement phase, contracts have been signed and all financing has been met and in place.
In this case, financial close follows settlement and allotment of around 106 million shares in Genex at 23 cents each to J-Power, which is now the largest shareholder in the company at 10 per cent.
During this allotment, Kenichi from J-Power has been appointed to the Genex board as a Director.
Last month, Genex has commenced building the hydro project, which included dam construction, underground and waterway civil works.
The company continues to ramp up constructing activities at the Kidston site. These activities include installing accommodation units, upgrading the access ramp and installing a new communications system.
CEO James Harding says today is a landmark moment for Genex.
“Financial close for the Kidston Pumped Storage Hydro Project is a
monumental achievement for the company and is one Genex has been working towards for over five years,” he said.
“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,” he added.
Treasurer and Minister for Investment Cameron Dick said the Queensland Government has played a crucial role in getting the Kidstone over the line.
“Our Government is providing $147 million funding for essential transmission infrastructure to link the Project to the National Electricity Market and help develop a clean energy hub in North Queensland,” he said.
“Our State-owned Powerlink will build, own and operate a 186 kilometre transmission line and associated infrastructure, creating over 400 new jobs during its construction,” he added.
Genex is up 6.82 per cent on the market today and is trading at 23.5 cents per share at 12:03 pm AEST.