Australian developer Genex Power receives takeover bid

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Genex’s 50MW Kidston Solar Project in Queensland. Image: Genex Power.

Australian renewables developer Genex Power has received an unsolicited takeover offer from two investment firms.  

The company, whose flagship Kidston Clean Energy Hub in Queensland will integrate large-scale solar with pumped storage hydro, said its board has not yet formed a view on the merits of the offer.

Australian investor Skip Capital and alternative investment firm Stonepeak Partners have offered AU$0.23 (US$0.16) per share for Genex.

Their proposal is subject to due diligence, according to Genex, which said there is no certainty that the potential transaction will proceed.

The developer has appointed Goldman Sachs as its financial adviser and Gilbert + Tobin as its legal adviser.

With up to 470MW of renewable energy and storage projects in its development pipeline, Genex reached financial close earlier this year on its first battery energy storage system, a 50MW/100MWh installation in Queensland.

Skip Capital’s Skip Essential Infrastructure Fund now holds a 19.99% stake in Genex. The investment firm was founded by Scott Farquhar, the co-CEO of software company Atlassian.

Atlassian co-CEO Mike Cannon-Brookes’ investment firm, Grok Ventures, earlier this year participated in a capital raise from Sun Cable, the company behind a project that could feature 17 – 20GWp of solar and 36 – 42GWh of energy storage in Australia’s Northern Territory that would transmit electricity to Singapore.

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