Genex Power Limited announced it has executed a Joint Development Agreement with Electric Power Development Co., Ltd. for the Kidston Stage 3 Wind Project (Project) located at the Kidston Clean Energy Hub in Queensland. In 2020, Genex and J-POWER entered into a Development Funding Agreement (DFA) which provided for an initial funding contribution of AUD 1.5 million to progress the feasibility workstreams relating to the Project. Since then, Genex and J-POWER have been working collaboratively to progress the development approvals and install wind monitoring infrastructure to determine the viability of the wind resource at the Project site.

The Agreement is an extension to the DFA and is an illustration of Genex's strong relationship with J-POWER, Japan's second large provider of hydroelectric and wind power. With over 1GW in their global wind portfolio including projects under construction, J-POWER brings considerable global wind experience to the development of the Project. The Agreement and approvals provide for J-POWER to maintain its 50% interest in the Project through the further contribution of AUD 3.0M in funding toward the development of the Project (Funding).

The Funding will be applied primarily towards activities relating to planning, grid connection and costs associated with financial close including due diligence and legal costs. The Funding applied as part of the JDA will greatly assist the Project to reach financial close by its targeted date of the end of CY2023. The Project will connect into the new 275kV transmission line to be constructed, owned and operated by Powerlink Queensland for the Kidston Pumped Storage Hydro Project which is expected to be completed in CY2024.

The Agreement reaffirms the Company's strategic partnership with J-POWER as Genex continues to expand its portfolio of renewable energy generation and storage assets in Australia.