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- Genex Power (GNX) buys Solar Choice’s Bulli Creek clean energy project to further expands its exposure to renewable energy storage projects in Australia
- As part of the acquisition, Solar Choice will provide certain development services and will receive a development fee at the end of each stage of the project
- Genex proposes to develop the project into five stages, with the first being to size up the project up to 400 megawatts or 1600 megawatts per hour
- The company has secured development planning approval over the entirety of Bulli Creek, which is one of the biggest proposed in Australia
- Shares in Genex are down 2.27 per cent on the market this morning, trading at 22 cents each as of 10:04 am AEST
Genex Power (GNX) has purchased Solar Choice’s multi-stage Bulli Creek clean energy project to further expands its exposure to renewable energy storage and generation projects in Australia.
The project is approximately 100 kilometres south-west of Toowoomba in southeast Queensland and is the company’s second battery development acquisition.
As part of the acquisition, Solar Choice will provide certain development services and will receive a development fee at the end of each stage including in exchange for developing the project since 2013.
Presently, Genex is in advanced discussions with potential joint development partners to support the development of the project.
The discussions include providing a significant contribution to the external development costs and the equity funding of final capital expenditures.
Commenting on the announcement, CEO James Harding said the project is a continuation of our battery strategy and will be one of the largest battery energy storage systems in the national electricity market (NEM).
“This represents an exciting opportunity for Genex to apply the extensive market knowledge and learnings gained from the development of the Kidston Pumped Storage Hydro Project as well as the Bouldercombe Battery Project,” he said.
“We have commenced discussions with potential joint development partners and Genex looks forward to keeping the market updated as it works through the development milestones of this exciting project, which represents the next phase of growth for the company’s portfolio.”
Genex has proposed to develop the project into five stages, with the first being to size up the project up to 400 megawatts or 1600 megawatts per hour as the immediate priority.
The project will be one of the largest battery energy storage system facilities in the NEM and will connect into the Powerlink 330 kilovolts substation which represents the same location as the connection point for the Queensland-New South Wales interconnector.
The company confirmed that it has secured development planning approval, Environmental Protection Biodiversity and Conservation Approval and Aboriginal Cultural Heritage clearances over the entirety of the project.
Shares in Genex were down 2.27 per cent on the market this morning, trading at 22 cents each as of 10:04 am AEST.
