Total
0
Shares
Image Sourced ShutterStock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Genex Power has announced the Northern Australia Infrastructure Facility will fund up to $610 million into the KY-Hydro Project
  • K2-Hydro will become a stable supplier of renewable energy while lowering transmission losses and electricity prices
  • NAIF’s investment represents 12 per cent of its $5 billion facility

Genex Power has announced the Northern Australia Infrastructure Facility will fund up to $610 million into Genex’s Kidston Storage Hydro Project.

NAIF will do so via a long-term concessional debt facility.

“The decision by the NAIF Board in providing its Investment Decision approval is a further indication of the significance of Genex’s K2-Hydro project for northern Australia,” CEO James Harding said.

The K2-Hydro Project is located in far-north Queensland. The project offers a large-scale, innovative, low-cost solution to Queensland’s growing peaking power requirements. The project will utilise two existing mining pits (Wises and Eldridge) as the upper and lower reservoirs for the project to minimise construction time and cost. 

Using these mining pits for the transfer of water through reversible pumps will also ensure minimal negative impact on the environment.

K2-Hydro is expected to support 250 megawatts of peaking power generation over an eight-hour period. The K2-Hydro Project will become a stable supplier of renewable energy to the National Energy Market.

“The Kidston Project investment represents just over 12 per cent of NAIF’s total $5 billion facility. Energy storage facilities have a significant role to play in Australia’s transition to a low emissions, low cost energy future,” NAIF CEO Laurie Walker said.

Speaking on further benefits of the project, Laurie stated “over 500 jobs will be created during the construction of this project and associated infrastructure.”

GNX by the numbers
More From The Market Herald
Worley (ASX:WOR) - CEO, Chris Ashton

" Worley (ASX:WOR) awarded Shell contract in The Netherlands

Worley (WOR) has been awarded a services contract to support the development of a low-carbon fuels facility in The Netherlands.

" Melbana Energy (ASX:MAY) undertakes logging at Alameda-1

Melbana Energy (MAY) has updated the market on its progress at the Alameda-1 exploration well being drilled in Block 9 PSC in Cuba.
Senex Energy (ASX:SXY) - CEO and MD, Ian Davies

" Senex Energy (ASX:SXY) in talks with POSCO International over $815m takeover bid

Senex Energy (SXY) has spiked in early trading action after flagging a takeover bid from South Korean big-cap POSCO International that values SXY

" Renergen (ASX:RLT) facilitates first helium forward sale agreement

Renergen has facilitated its first helium forward sale agreement of 100,000 units over a period of nineteen years.