Genex Power Ltd Stock Market Press Releases and Company Profile
McDonnell Dowell/Downer JV - Preferred Hydro EPC Contractor
McDonnell Dowell/Downer JV - Preferred Hydro EPC Contractor

Sydney, Oct 23, 2017 AEST (ABN Newswire) - Genex Power Limited (googlechartASX:GNX) (Genex or Company) is pleased to provide an update in relation to the development of the 250MW Kidston Pumped Storage Hydro (K2-Hydro) project at Kidston, North Queensland. The K2-Hydro project is part of the overall Kidston Stage 2 (K2) project, which includes a co-located 270MW solar PV project (K2-Solar).

HIGHLIGHTS

- McConnell Dowell / Downer JV Selected as Preferred EPC Contractor

- Early contractor involvement (ECI) process to accelerate project development and reduce cost

- Clear pathway to Financial Close in 2018

Following engagement with a number of leading EPC contractors, Genex has selected a Joint Venture between McConnell Dowell Constructors (Aust) Pty Ltd (McConnell Dowell) and Downer EDI Limited (Downer) as Preferred EPC Contractor. Leading hydro and electrical consultants Norconsult and GHD Australia are technical advisers to the joint venture.

McConnell Dowell has an extensive global EPC track record in respect of hydro projects, especially those involving tunnelling and underground excavation, including the most recent major hydro power development in Australia and other remote hydro projects in the Asia Pacific region.

Downer has been selected jointly by Genex and McConnell Dowell as the JV partner, on the basis of its strong balance sheet and complementary strengths in mechanical/electrical/civil engineering and grid connection, and operations and maintenance capabilities.

Genex will now work with the Preferred EPC Contractor as part of the early contractor involvement (ECI) process (announced on 20 October 2017) to complete final design optimisation and the full EPC and O&M contracting process for the K2-Hydro project. This will include a competitive tender process to secure the electro-mechanical equipment package (including Francis reversible pump /generator turbine machines), which will be held in November 2017 with invitations extended to a number of Tier 1 hydro turbine suppliers.

Genex has determined that an ECI process is the most appropriate means to ensure the timely development of the K2 project while minimising costs associated with a full EPC tender process.

Genex Managing Director Michael Addison said:

"The McConnell Dowell / Downer JV is a very strong partner to deliver the Kidston Pumped Storage Hydro Project. As a combined force, the JV has a complementary skill set and a long track record of delivering hydro projects around the world, a strong balance sheet and proven project delivery capabilities - factors which are likely to materially contribute to the bankability and successful implementation of the project."

The Federal Government, through the Australian Renewable Energy Agency has continued to support the K2-Hydro project. To date, Genex has drawn down a total of approximately $2.85 million of its $4.0 million ARENA funding facility in relation to the project.

About ARENA

ARENA was established by the Australian Government to make renewable energy technologies more affordable and increase the supply of renewable energy in Australia. Through the provision of funding coupled with deep commercial and technical expertise, ARENA provides the support needed to accelerate the development of promising new solutions towards commercialisation. ARENA invests in renewable energy projects across the innovation chain and is committed to sharing knowledge and lessons learned from its portfolio of projects and information about renewable energy. ARENA always looks for at least matched funding from the projects it supports and to date has committed $1.1 billion in funding to more than 270 projects. For more information, visit www.arena.gov.au.

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About Genex Power Ltd

Genex Power Ltd ASX:GNXGenex Power Limited (ASX:GNX) is focused on developing a portfolio of renewable energy generation and storage projects across Australia. The Company's flagship Kidston Clean Energy Hub, located in north Queensland, will integrate large-scale solar generation with pumped storage hydro. The Kidston Clean Energy Hub is comprised of the operating 50MW stage 1 Solar Project (KS1) and the 250MW Kidston Pumped Storage Hydro Project (K2-Hydro) with potential for further multi-stage wind and solar projects. The 50MW Jemalong Solar Project (JSP) is located in NSW and provides geographical diversification to the Genex Power Limited portfolio. JSP was energised in early December 2020 and commissioning is now underway. Genex is further developing its energy storage portfolio via the early stage development of a 50MW/75MWh standalone battery energy storage system at Bouldercombe in Queensland. With over 400MW of renewable energy and storage projects in development, Genex is well placed as Australia's leading renewable energy and storage company.

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Contact

Simon Kidston
Executive Director
Tel: +61 2 9048 8850
Email: sk@genexpower.com.au



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