GE and Walcha Energy have signed an agreement to jointly develop the 500 MW Dungowan pumped-storage project in New South Wales (Australia). The project is located in the New England Renewable Energy Zone (REZ), where the hydropower plant will support the addition of another 4 GW of renewable capacity, providing stable power generation to the grid. New England Renewable Energy Zone’s first wind plant, the 700 MW Winterbourne project that is majority-owned by Vestas, is scheduled to start operations in 2022.
In addition, Japanese electric utility J-Power has reached an AUD25m (US$18m) agreement with Genex Power to finance the 250 MW K2 pumped-storage hydropower project in Queensland (Australia). Under the agreement, the Japanese company will acquire a 15-20% stake in Genex Power’s enlarged share capital. The agreement with J-Power is conditional on the signing of a AUD610m (US$440m) concessional funding deal with Northern Australia Infrastructure Facility (NAIF) and reaching financial close before end-2020.
K2 Hydro will be 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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