Genex Power has reached financial close on the 250 MW K2 pumped-storage hydropower project in Kidston, Queensland (Australia). The company, which launched an equity raise in March 2021, will receive a AUD610m (US$470m) loan through the Northern Australia Infrastructure Facility (NAIF). In addition, the Australian Renewable Energy Agency (ARENA) will finance AUD47m (US$35m), while the Clean Energy Finance Corporation will provide a AUD3m loan (US$2m). In August 2020, the Japanese power utility J-Power reached an AUD25m (US$19m) agreement with Genex Power to finance project. Under the agreement, J-Power is expected to acquire a 19.99% stake in Genex Power’s enlarged share capital. Construction is expected to start in April 2021 and to be completed by 2024.
K2 Hydro is tied to a 270 MW solar project (K2 Solar) and to a 150 MW wind project that are currently under development. Both projects are part of the Kidston renewable energy hub, where a 50 MW solar park is already producing electricity.
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