Genex Power is working to finalise financing for its Kidston Pumped Storage Hydro Project after a the State Government this week reaffirmed its commitment of $132 million towards transmission infrastructure.
The 250MW energy project, being built at the old Kidston gold mine site, has a total construction pricing of about $600 million, excluding transmission costs, financing costs and development costs to date.
The company said its project financing timetable had been delayed and it was no longer expected to reach financial close by September 30.
The Northern Australia Infrastructure Facility (NAIF) has extended its offer of funding until January 31.
Genex said it was also working with Powerlink and the project’s key contractors to extend the validity of their agreements and pricing beyond September 30.
“We are pleased that the Queensland Government has reaffirmed their commitment of $132 million to help fund construction of the Kidston Pumped Storage Hydro Project transmission line,” chief executive officer James Harding said.
“The development of the Kidston Pumped Storage Hydro Project will create a peak workforce of over 500 people per annum in regional Queensland, secure power supply to local communities and unlock significant clean energy generation in the region.”
Core contractors include:
- Engineering, procurement and construction – a joint venture of McConnell Dowel Constructors and John Holland,
- Electromechanical equipment subcontractor – ANDRITZ Hydro GmbH,
- Connection assets infrastructure – Beon Energy Solutions,
- Construction camp operator – ISS Facility Services Australia, and
- Owner’s engineer – Hydro-electric Corporation, trading as Entura.