- Genex Power (GNX) is set to develop the Kidston stage three wind project with J-POWER, Japan's second-largest provider of hydroelectrical and wind power
- The wind project is part of the Kidston renewable energy hub that is currently being developed in Northern Queensland
- Under the agreement, J-POWER can earn up to 50 per cent interest in the project through initial funding of $1.5 million
- Funds will go towards development which is expected to commence in 2022
- On the market this afternoon, Genex is up 8.57 per cent and is trading at 19 cents per share
Genex Power (GNX) has agreed to develop the Kidston stage three wind project with Japan's second-largest provider of hydroelectrical and wind power J-POWER.
Kidston stage three wind project is part of the Kidston renewable energy hub that is currently being developed by Genex in Northern Queensland. It includes a 250-megawatt hydro pumped storage project and a 270-megawatt solar project.
The company says J-POWER will bring valuable knowledge of global wind experience to the development of the project.
Under the agreement, J-POWER can earn up to 50 per cent interest in the wind project through an initial funding of $1.5 million. The funding will be used to develop the project.
Construction of the project is expected to commence in 2022, where it will be connected to a new 275,000-volt transmission line, operated by Powerlink Queensland, which is expected to be completed in 2023.
This announcement follows the recently signed share subscription agreement with J-POWER for an investment of up to $25 million in Genex.
Genex CEO James Harding is very pleased to enter this new agreement with J-POWER and continues to build its strong working relationship with the electric power company.
"With over one gigawatt in their global wind portfolio, J-POWER brings considerable global wind experience to the development of the Kidston Wind Project, which will be Genex’s first wind farm," he said.
"The agreement provides Genex with access to J-POWER’s significant wind expertise alongside additional project-level capital and will enable us to expedite the project development activities with the aim of bringing it online shortly after our flagship Kidston Pumped Storage Hydro Project in 2024," he added.
On the market this afternoon, Genex is up 8.57 per cent and is trading at 19 cents per share at 2:20 pm AEDT.