Japanese power company J-Power has acquired a 10% stake in renewables and pumped hydro developer Genex Power through its Australian subsidiary JPGA Partners.
Genex – which has three solar assets in stages ranging from feasibility to operation – has worked with J-Power previously to expand its renewable energy projects, with this based on a technical services agreement to support the construction and operation of the former’s 250MW pumped storage hydro power plant, as well as a development funding agreement for a new 150MW wind power project which is currently at the feasibility study stage.
Genex secured AU$175 million (US$117 million) of debt to finance its 50MW Jemalong solar project in New South Wales and refinance its 50MW Kidston solar plant in North Queensland in late 2019, with these two projects now in production. It also has a 270MW solar site at the feasibility stage.
J-Power is hoping to further expand renewable power generation and pumped hydro projects energy storage projects with Genex across Australia, where the latter is headquartered.
The company recently announced it is to convert a retired coal plant in the US into a 240MW solar-plus-storage facility through its local subsidiary, J-Power USA.
It is set to work with funds managed by Fortress Investment Group to develop a 50MWac capacity solar facility and 190MWac battery energy storage system in Virginia, with construction to begin next year and an operational date of 2023.
The company is targeting the development of 1,500MW or more of renewable power generation capacity by FY2025 compared to FY2017.