Genex Power announced that the Northern Australia Infrastructure Facility (NAIF) Board has supported a financing structure for Genex’s Kidston State 2 Project through the provision of an indicative term sheet for a long-term concession debt facility of up to AU$516 million (US$382 million).
Following the commissioning of the 50MW Kidston Stage 1 solar project, Genex will look to develop the Kidston Stage 2 project, which is comprised of the 250MW Kidston Pumped Storage Hydro Project and the integrated 270MW Kidston PV project.
In addition, the company is also looking to develop the 150MW Kidston Stage 3 Wind Project. All three installations are being developed in Northern Queensland, Australia.
Along with the finding from the NAIF, the Australian Renewable Energy Agency (ARENA) is also providing over US$6.6 million in funding to support the development of the Kidston State 2 Project.
James Harding, CEO of Genex, said: “This is a significant milestone in the development of the project. We are looking forward to working with NAIF over the coming months as we move towards achieving financial close in the latter half of the year.“
Laurie Walker, CEO of NAIF, added: “NAIF sees the project as important for the transition of the market to lower emission renewable energy sources, and the board’s preparedness to consider a capital commitment of the size referred to in this announcement reflects the alignment of this type of project with NAIF’s objective to contribute to the transformation of Northern Australia through infrastructure development.”