Genex lands AU$175m financing to embrace ‘fully merchant’ solar in New South Wales

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
The 50MW Kidston project in North Queensland during its construction phase. Image: Genex.

Genex Power has secured AU$175 million (US$117 million) of debt to finance a new 50MW project and refinance an existing 50MW plant in Australia.

The developer will push the new debt line towards financing the construction of the 50MW Jemalong Solar Project in New South Wales and refinance its existing debt facility used for the Kidston Solar One project in Kidston, North Queensland.

That refinancing facility has been sealed with a trio of banks including DZ Bank, prolific solar financiers Nord LB and Westpac Banking Corporation.

Genex said the refinancing of Kidston Solar One, which was energised late last year, was on “more advantageous financing terms” that were secured on the back of it now being regarded as lower risk.

Furthermore, in combining the financing of the built asset with the construction financing of Jemalong, that project was able to be financed on a fully merchant basis.

Jemalong is now expected to be operational from Q4 next year.

Genex noted that merchant revenues for generators in New South Wales stand to be more attractive in the coming years owing to a number of significant generation plant shutdowns. This is to provide Genex more flexibility over the power purchase agreement it secures for Jemalong.

Despite Australia maintaining a reputation as a hotspot for solar and storage investments, earlier this week the country’s Clean Energy Council warned of a “dramatic slide” in new project financing, amidst grid access issues and concerns surrounding future clean energy targets and support frameworks.

Read Next

January 28, 2022
Greek industrial group Mytilineos said its renewables and storage unit continues with “full speed” to invest in solar and battery energy storage systems globally following a 2021 that saw the business expand its PV engineering, procurement and construction (EPC) operations.
January 28, 2022
Global investment in renewables rose to new heights in 2021 as solar and wind deployment surged, but total energy transition expenditure needs to triple in the coming years to get on track for net zero, according to new research from BloombergNEF.
January 26, 2022
Shares in ‘Solar Module Super League’ (SMSL) member JinkoSolar’s operating subsidiary surged on the company’s Shanghai stock market debut, closing at more than double their listing price.
PV Tech Premium
January 25, 2022
European solar power purchase agreement (PPA) prices can be expected to level off this year following a turbulent end to 2021 as the market undergoes a shift in the balance of power to the seller side.
January 24, 2022
Polysilicon producer Daqo New Energy is expecting a five-fold increase in net profit from its Xinjiang subsidiary as it continues to progress expansion plans.
January 24, 2022
The year has gotten off to a frenetic start, with plenty of news from the global solar and energy storage sectors to digest on the January 2022 episode of the Solar Media Podcast.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal
Solar Media Events
April 25, 2022
Berlin, Germany