November 21 (Renewables Now) - Australia's Genex Power Ltd (ASX:GNX) has obtained approval to get AUD 175 million (USD 118.9m/EUR 107.4m) in debt for its 50-MW Jemalong solar project in New South Wales and for the debt refinancing related to its Kidston Solar One Project (KS1) in Queensland.
The credit facility will be extended by a group of three banks, including DZ BANK, NORD/LB and Westpac Banking Corp (ASX:WBC), the Aussie firm said on Thursday. It explained that by combining the funding for the two projects it was able to structure the financing of the Jemalong solar scheme on a fully merchant basis. While the 50-MW KS1 plant in Kidston, North Queensland, was completed late in 2018, the Jemalong solar park is expected to be switched on in the last quarter of 2020.
Final documentation needs to be prepared for the credit approval, which will enables Genex to launch construction work on the Jemalong plant in the coming weeks.
To be installed about 26 km southwest of Forbes in New South Wales, the solar park is estimated to produce some 128,700 MWh of electricity per year, once completed. Its output, expected to be enough to supply over 23,000 local homes and mitigate 106,500 tonnes of carbon dioxide (CO2) emissions annually, will be sold into the National Electricity Market (NEM).
(AUD 1.0 = USD 0.680/EUR 0.614)