Genex secures $54m funding from CEFC for 50MW solar project in North Queensland
The Clean Energy Finance Corporation (CEFC) has agreed to provide $54m funding to Genex Power’s 50MW solar project in North Queensland, Australia.
Genex’s phase one 50MW large-scale solar farm will be developed at the Kidston renewable energy hub, which is around 270km north west of Townsville
The new project, which is based around the former Kidston gold mine, holds the potential to spearhead a new pumped hydro storage project
The solar farm is also planning to carry out the phase two development of a pumped hydro storage project on the same site.
Claimed to be the first of its kind in Australia, the project will co-locate a large-scale solar farm with a large-scale pumped hydro storage project.
In an ASX statement, Genex said that it will plan to secure financial assistance for 250MW Kidston pumped storage hydro project, as full project construction underway for phase one of the Kidston project.
CEFC large-scale solar lead Gloria Chan said: “The CEFC is delighted to be part of the Kidston Solar Project Phase One, with our tailored finance helping accelerate the construction and delivery of the 50MW large-scale solar farm on this unique site.
“This substantial solar farm is ideally located in an area of high solar penetration, and will be able to produce enough energy to meet the needs of almost 26,500 homes once it starts generating power later this year.”
Genex managing director Michael Addison said: “The development of the Kidston Renewable Energy Hub is an important step in the transition of the Australian economy to a clean, low carbon economy.”
Image: Genex has finalised all necessary funding requirements for the engineering, construction and operation of the Kidston solar farm. Photo: courtesy of Australian Renewable Energy Agency (ARENA).