Genex Power is kicking into construction mode at its Kidston solar project near Georgetown in North Queensland.
The company said today it had received credit approval for a debt facility of up to $110 million and executed its $8.85 million ARENA grant agreement as it moved towards financial close for the 50MW solar project.
It said it would now commence the project construction program, targeting completion in 2017 to allow first generation and revenue by the final quarter of next year.
“Commencing site works is a significant milestone,” managing director Michael Addison said.
“Genex’s Kidston Solar Project benefits from one of the bes solar resources in Australia and we will target first generation and revenue from the project in Q4 2017.
Genex acknowledges the support of ARENA and the Queensland State Government.”
The Kidston 50MW PV Solar Project is the first phase in the proposed $580 million Kidston Renewable Energy Hub, which also includes plans for a 330MW pumped storage hydroelectric scheme at the former Kidston gold mine.
Minister Assisting the Premier on North Queensland Coralee O’Rourke said the Palaszczuk Government made an important renewable energy commitment to Queenslanders to achieve a 50 percent renewable energy target by 2030.
“The Palaszczuk Government continues to support a range of solar projects across the regions,” Ms O’Rourke said.
“This Kidston announcement is another step towards achieving this target. It joins solar farms which will also be built in Dalby, Oakey, Hughenden, Collinsville, Clare, Barcaldine, Sunshine Coast, Longreach, Lakeland and Normanton.
“All of these projects provide testimony to the investor belief in Queensland’s renewable energy credentials.”
UGL has the contract to build and operate the 50MW first phase of the solar project, with AECOM appointed as Owner’s Engineer.