GenusPlus wins $50M contract to build poles and wires for Fortescue

GenusPlus (ASX:GNP) has inked a deal with Twiggy Forrest’s Fortescue (ASX:FMG) to supply the latter with the poles and wires FMG wants to decarbonise its WA Solomon and Eliwana mines respectively.

The job is worth $50M to GenusPlus according to an announcement released on Tuesday.

GenusPlus will construct a 220Kv power line between power generating assets at each site.

Works are reportedly “commencing immediately” with 85 workers to come on-site for a project completion in mid-2025. Genus is responsible for both the towers and their foundations.

“Fortescue’s award of further contracts is testament to the capability of our team – and welcome recognition that Genus has the capacity and expertise to support the continuing energy transition. We look forward to completing the works safely and on time,” Genus chief David Riches said.

Riches was keen to play up the company’s relationship with Forrest’s mining empire.

“We are delighted to secure these contracts, which continue to build on our long and successful relationship with Fortescue,” Riches added.

“They will play an important role in driving Fortescue’s decarbonisation plan in Western Australia.”

Which company does he work for again?

GNP shares last traded at $1.69.