Genex Power Limited (ASX: GNX) has now generated its first revenue from KS1 following
successful transformer energisation of the Kidston Solar Stage 1 Project (KS1 or Project).
Electricity produced from the Project is now being transmitted into the National Electricity Market
(NEM). As commissioning for the Project is completed over the coming months, electricity generation
will be ramped-up until full capacity has been reached, at which point the 20-year Revenue Support
Deed with the Queensland State Government will be initiated (refer ASX announcement 22 December
2016).
Commenting on the milestone of first revenue generation, Genex’s Managing Director Michael
Addison stated:
“The Project has now transitioned from being technically operational to commercially active. This
ground-breaking milestone marks the first earnings for the Project and for Genex as a company.
This transition from a development company to generating operational cash flows will serve to
strengthen our financial position as we seek to reach financial close for our Kidston Stage Two Projects in 2018.”
The Federal Government, through the Australian Renewable Energy Agency (ARENA), has provided
$8.9 million in funding to support the construction of KS1, in addition to providing up to $9 million
in funding to support the development of the Kidston Stage Two Projects.
The Queensland State Government has continued to support the development of the Kidston
Renewable Energy Hub, providing a 20-year revenue support deed for KS1 through the Solar 150
Program, and designating the Kidston Renewable Energy Hub as ‘Critical Infrastructure’ to the State.
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