KIDSTON PUMPED STORAGE HYDRO McCONNELL DOWELL / DOWNER JV SELECTED AS PREFERRED EPC CONTRACTOR

Genex Power announces a Joint-Venture between McConnell Dowell Constructors and Downer EDI have been selected as Preferred EPC Contractor (Engineering, procurement, and construction) for the Hydro Project.

Leading hydro and electrical consultants Norconsult and GHD Australia are technical advisers to the joint venture.

Early contractor involvement process to accelerate project development and reduce cost, with a clear pathway to Financial Close in 2018.

Genex Power Limited has provided an update in relation to the development of the 250MW Kidston Pumped Storage Hydro (K2-Hydro) project at Kidston, North Queensland. The K2-Hydro project is part of the overall Kidston Stage 2 (K2) project, which includes a co-located 270MW solar PV project (K2-Solar).

Following engagement with a number of leading EPC contractors, Genex has selected a Joint
Venture between McConnell Dowell Constructors (Aust) Pty Ltd (McConnell Dowell) and Downer
EDI Limited (Downer) as Preferred EPC Contractor. Leading hydro and electrical consultants
Norconsult and GHD Australia are technical advisers to the joint venture.

McConnell Dowell has an extensive global EPC track record in respect of hydro projects, especially
those involving tunnelling and underground excavation, including the most recent major hydro
power development in Australia and other remote hydro projects in the Asia Pacific region.

Downer has been selected jointly by Genex and McConnell Dowell as the JV partner, on the basis
of its strong balance sheet and complementary strengths in mechanical/electrical/civil engineering
and grid connection, and operations and maintenance capabilities.

Genex will now work with the Preferred EPC Contractor as part of the early contractor involvement
(ECI) process (announced on 20 October 2017) to complete final design optimisation and the full
EPC and O&M contracting process for the K2-Hydro project. This will include a competitive tender
process to secure the electro-mechanical equipment package (including Francis reversible pump
/generator turbine machines), which will be held in November 2017 with invitations extended to a
number of Tier 1 hydro turbine suppliers.

Genex has determined that an ECI process is the most appropriate means to ensure the timely
development of the K2 project while minimising costs associated with a full EPC tender process.