Genex Power Limited announced that it has entered into the transaction documents with Solar Choice Pty Ltd. to acquire a 100% interest in the development rights for the up to 2GW multi-stage Bulli Creek Clean Energy Project (Bulli Creek or the Project) located approximately 100km south-west of Toowoomba in south east Queensland (the Transaction). The first stage of the Project is anticipated to be developed as an up to 400MW/1,600MWh large scale battery energy storage system (Bulli Creek Battery). ADVANCEMENT OF GENEX'S BATTERY STRATEGY: As part of the development of Genex's two large scale storage projects, being the 250MW/2,000MWh Kidston Pumped Storage Hydro Project and the 50MW/100MWh Bouldercombe Battery Project (BBP), Genex has gained a robust understanding of the business case for storage in Queensland.

The events in the National Electricity Market (NEM) in recent months have only highlighted the urgent need for dispatchable energy storage capacity to manage the transition to a net-zero economy. Genex reached financial close of its first battery project, the BBP, in February 2022. Concurrently, Genex has been working to identify another suitable site to continue the expansion of its battery strategy in the NEM.

This was premised upon being located within close proximity to existing transmission infrastructure with good network strength and projected marginal loss factors (MLFs). Following an extensive search and selection process, the Bulli Creek site was identified as an ideal location for Genex's next large scale battery energy storage system (BESS) development. TERMS OF THE TRANSACTION: Genex has entered into transaction documentation with the vendor and originating developer of the Project, Solar Choice, to acquire a 100% interest in the development rights for the Project.

The transaction documents also provide for certain development services to be provided by Solar Choice. Solar Choice shall receive a development fee at financial close for each stage of the Project (with each stage to be 100% owned by Genex and its partner(s)), including in exchange for developing the Project since 2013. The Transaction is subject to typical terms for a transaction of this nature.

Genex is presently in advanced discussions with potential joint development partners to support the development of the Project, including providing a significant contribution to the external development costs and the equity funding of final capital expenditures.