Nov 17, 2017

Funds boost for Kidston Stage 2

Funds boost for Kidston Stage 2
Genex Power has secured further Federal Government funding of up to $5 million for Kidston Stage 2 –  a world-first integrated solar and pumped hydro hybrid project.
The K2 Project comprises the 250MW Kidston Pumped Storage Hydro Project (K2-Hydro), and the co-located 270MW solar PV Project (K2-Solar).
The development is located 270km north-west of Townsville at the former Kidston gold mine site and will utilise two existing gold mining pits as the reservoirs for the project to minimise construction time and costs.
During peak power demand periods water will be released from the upper to the lower reservoir, passing through reversible turbines. During off-peak periods and when sun is abundant, water will be pumped back from the lower reservoir to the upper reservoir using electricity primarily from the solar farm.
The new Australian Renewable Energy Agency (ARENA) funding  is to be applied toward specified activities to progress the K2 Project to financial close in 2018.
“Genex is pleased to continue its partnership with ARENA for the Kidston Stage 2 Project,” Genex managing director Michael Addison said.
“The continued support from ARENA is testament to the innovative nature of the project, and the growing importance of large-scale energy storage in the context of the increasing penetration of renewable energy in the National Electricity Market.
“It also represents a vote of confidence in the pathway Genex has outlined to financial close.”
 ARENA has previously provided $4 million to Genex towards the technical feasibility study for the K2-Hydro Project and a further $8.9 million towards Kidston Stage One solar PV project as part of the $92 million large scale solar PV competitive round. 

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