March 31 (Renewables Now) - Genex Power Ltd (ASX:GNX) is proceeding with construction works at its 50-MW Jemalong solar project in New South Wales, expecting minimal impact by the COVID-19 pandemic.
In a bourse update on Tuesday, the Australian firm said that the delivery supply chain of key components for the project is to a large extent unaffected by the coronavirus situation. This has been confirmed by construction contractor Beon, which was also tasked with the plant’s operations and maintenance (O&M).
Once up and running, the solar farm is expected to generate up to 128,700 MWh of electricity annually, which will be a “a step change” to Genex’s revenues, the company said. The project is planned to enter into service in the final quarter of 2020.
In view of the market disruptions caused by the spread of COVID-19, Genex said it had a strong liquidity position, with its cash reserves standing at AUD 16.9 million (USD 10.4m/EUR 9.5m) at end-February. It added that the pandemic is not seen to have a direct effect on the revenue from its 50-MW Kidston solar park in Queensland, which was brought live in late 2018, provided that key equipment components are available for its O&M.
Genex anticipates reaching financial close on its 250-MW K2 pumped storage hydro project in Queensland in the third quarter of 2020, subject to the COVID-19 and general market conditions. Earlier this week it signed a revised off-take agreement for the project with utility EnergyAustralia Pty Ltd.
(AUD 1.0 = USD 0.614/EUR 0.559)