Genex Power Limited along with its joint development partner, Electric Power Development Co. Ltd. (J-POWER) for the Kidston Stage 3 Wind Project (K3-Wind or the Project) located in Kidston, Queensland is pleased to provide the following update on the Project. Following engagement with several Original Equipment Manufacturers (OEM) of Wind Turbine Generators (WTGs), Genex has formally appointed Goldwind Australia (Goldwind) as the preferred WTG provider for the K3-Wind Project.

Goldwind is a leading vertically integrated global wind power company offering comprehensive wind power solutions. In March 2022, Goldwind's accumulated installed capacity exceeded 87GW comprising over 45,000 units of installed WTGs globally. To date, Goldwind has almost 1.5GW of installed power generation across Australia and has developed a strong understanding of the Australian market.

Goldwind has a proven track record with the successful connection of large scale generation assets across most Australian states and has significant expertise in grid related areas to assist Genex with the grid connection process for the Project. Work has begun in relation to grid connection, and it is expected that a formal Early Contractor Involvement (ECI) Agreement will be entered into in First Quarter CY23. Genex, J-POWER and Goldwind will work together to finalise the Turbine Supply and Install (TSI) and Operations and Maintenance (O&M) contracts and complete the remaining development works required to reach Final Investment Decision (FID) by the end of CY23.

Following a study underta en by the Company's appointed grid consultant for the Project, Genex has confirmed that the total installed capacity of the Project has formally increased from up to 200MW to up to 258MW.