Genex buying up to 2-GW battery-solar project in Queensland

Australian renewable energy developer Genex Power Ltd (ASX:GNX) has struck a deal to make it the owner of an up to 2-GW battery-plus-solar project in Queensland that has development approval in place.

The massive Bulli Creek project is being sold by Australia-based Solar Choice Pty Ltd, the buyer said in a bourse filing on Wednesday without providing financial details on the planned transaction.

Bulli Creek envisages the deployment of solar photovoltaic (PV) panels and batteries in five phases across a land area of over 5,000 ha, some 100 km southwest of Toowoomba. The first stage of the development will be a 400-MW/1,600-MWh energy storage facility, plans for which will be fast-tracked by Genex so as to take a final investment decision in the second half of 2024.

Between 475 MW and 675 MW of solar PV panels will be installed in phase two, while additional capacity will be built in the subsequent stages.

According to the arrangement, Solar Choice will perform “certain development services” and receive a development fee at financial close for each stage. Genex, which is currently building the 50-MW/100-MWh Bouldercombe battery in Queensland, said it is holding talks with potential joint development partners to provide cash and equity for the huge project.

“The events in the National Electricity Market (NEM) in recent months have only highlighted the urgent need for dispatchable energy storage capacity to manage the transition to a net-zero economy,” the buyer noted.

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