Sydney, Australia, July 23, 2021 - (ABN Newswire) - Genex Power Limited (ASX:GNX) is pleased to provide the following update on the Company's activities and performance for the quarter ending 30 June 2021 (Q4 FY2021 or the Period), a period during which the Company reached financial close and commenced construction at its flagship Kidston Pumped Storage Hydro Project (K2-Hydro).
- Financial close for K2-Hydro was reached during the Period, signalling the satisfaction of all conditions precedent associated with the financing of the project;
- Construction at the K2-Hydro site at Kidston commenced, including upgrade work for the accommodation village, key infrastructure and fresh water supply;
- During the Period, Practical Completion at the Jemalong Solar Project (JSP) was claimed by the EPC Contractor, Beon, and the project is now fully operational;
- During the Period, the Kidston Solar Project (KS1) generated 26,133MWh of renewable energy. In addition to this, the JSP generated 12,518MWh of renewable energy delivering total revenue for the Period of $4.2M;
- Genex finished the Period with a strong cash position, with cash at bank of $49.3M as at 30 June 2021;
- Extraordinary General Meeting (EGM) of Genex's shareholders approved the issue of 106,990,005 fully paid ordinary shares in the Company at an issue price of $0.2337 per share to J-POWER under the Share Subscription Agreement, raising a total of $25M; and
- Following completion of the Share Subscription Agreement by J-POWER, Mr Kenichi Seshimo was appointed as a Director of the Company effective 18 May 2021
Commenting on the Q4 FY2021 performance, Genex CEO, James Harding said:
"The quarter was a landmark period for Genex, with the Company reaching financial close for the Kidston Pumped Storage Hydro Project. Genex has been working towards this milestone for over 5 years and I would like to thank all of our stakeholders for their continued support, and the team at Genex for their tireless work in reaching this significant event. The construction of the Kidston Pumped Hydro project is now fully funded through to completion, and site preparation and initial construction activities are underway. We will continue to work closely with our team of project delivery partners, notably John Holland, McConnell Dowell and Andritz, to deliver the project and provide a large-scale energy storage project for the National Electricity Market.
I would like to welcome Mr Kenichi Seshimo to the Board of Directors at Genex, and thank J-POWER for their significant investment in, and ongoing support of, the Company. We look forward to working closely with J-POWER through the construction of the Kidston Pumped Storage Hydro Project, the ongoing development of the Kidston Wind project, and future renewable energy and storage project opportunities.
We continue to progress our portfolio of renewable energy and storage growth projects and I look forward to updating the market in the coming period on the progress of our Bouldercombe Battery project and Kidston Wind project.
Genex remains focussed on delivering a diverse portfolio of renewable energy and storage projects in the Australian market, positioning ourselves as Australia's leading listed renewable energy company."
To view the full quarterly report, please visit:
<b>About Genex Power Ltd:</b>
Genex Power Limited is focused on developing a portfolio of renewable energy generation and storage projects across Australia. The Company's flagship Kidston Clean Energy Hub, located in north Queensland, will integrate large-scale solar generation with pumped storage hydro. The Kidston Clean Energy Hub is comprised of the operating 50MW stage 1 Solar Project (KS1) and the 250MW Kidston Pumped Storage Hydro Project (K2-Hydro) with potential for further multi-stage wind and solar projects. The 50MW Jemalong Solar Project (JSP) is located in NSW and provides geographical diversification to the Genex Power Limited portfolio. JSP was energised in early December 2020 and commissioning is now underway. Genex is further developing its energy storage portfolio via the early stage development of a 50MW/75MWh standalone battery energy storage system at Bouldercombe in Queensland. With over 400MW of renewable energy and storage projects in development, Genex is well placed as Australia's leading renewable energy and storage company.
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