Genex has signed a Development Funding Agreement with Electric Power Development (J-POWER) to deliver the Kidston Stage 3 Wind (K3-Wind) Project in North Queensland.
J-POWER is Japan's second largest provider of hydroelectric and wind power and will bring considerable global wind experience to the development of the project near Einasleigh.
The agreement provides J-POWER the opportunity to earn up to a 50 per cent interest in the K3-Wind Project through an initial funding contribution of $1.5 million, which will expedite the development of the project through early planning over the next 12-18 months.
This will allow project financing activities to be conducted, with construction anticipated to commence in 2022.
The development timeline will see the project connect into the new Powerlink Queensland 275kV transmission line for the Kidston Hydro Project expected to be completed in 2023.
The agreement follows a $25m J-POWER Share Subscription Agreement in Genex, executed in August 2020.
Genex CEO, James Harding, said the new deal would build on the strong working relationship they had developed since 2019.
"With over 1GW 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," Mr Harding 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.
"The Project builds on the development of the Kidston Clean Energy Hub, with the existing 50MW Kidston Stage 1 Solar Farm already operational, and the K2-Hydro Project in the final stages of the financial close process."
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