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

Facebook
Twitter
LinkedIn
Reddit
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.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

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.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

July 11, 2025
The Australian Energy Market Operator (AEMO) has revealed that several utility-scale solar PV power plants experienced curtailment of above 25% in the National Electricity Market (NEM) in 2024.
July 10, 2025
The Australian Renewable Energy Agency (ARENA) has announced a new AU$60 million (US$39.4 million) funding round to bolster R&D efforts to achieve ultra-low-cost solar.
July 9, 2025
Indian solar water pump and motor manufacturer Shakti Pumps has successfully raised INR2.9 billion (US$34.1 million) to build a solar cell and module manufacturing plant.
Premium
July 8, 2025
In the latest NEM data spotlight, solar generation in Australia reached its yearly lowest month, while rooftop solar prices spiked to AU$225.57/MWh.
July 7, 2025
In Europe, PV panel prices fell marginally between May and June, leading to a slight downturn in European module buyers’ market confidence.
July 4, 2025
Chinese PV provider Skycorp Solar Group has announced a solar plant acquisition and development strategy following unanimous board approval.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK