Genex obtains development approval for 270-MW K2-Solar project

Australia's Genex Power Ltd (ASX:GNX) has secured development approval from the Etheridge Shire Council for its 270-MW Kidston Stage 2 solar project (K2-Solar) in North Queensland.

The company said on Tuesday the approval is for a maximum of 270 MW and it will be able to build the project in stages to meet energy offtake and energy transfer capabilities.

Alongside the K2-Solar project, Genex is developing the 250-MW Kidston Stage 2 pumped storage hydro (K2-Hydro) project. Together with the 50-MW Kidston Stage 1 solar project, which started generating electricity in late 2017, the three form a renewable energy hub in Kidston, Queensland.

The company also said that it has started talks with a select group of partners about securing debt funding for the K2 projects and its focus remains on bringing them to financial close in 2018. At the same time, it continues to consider further renewable opportunities to broaden its project pipeline, added managing director Michael Addison.

Genex is in a process of completing full fixed-price engineering, procurement and construction (EPC) wrap contracts for K2-Solar and K2-Hydro with UGL and a McConnell Dowell/John Holland joint venture (JV), respectively. The contracts are expected to be finalised by end-June.

The JV, meanwhile, has selected Andritz (VIE:ANDR) as the preferred electromechanical equipment supplier for K2-Hydro.

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