Genex Power Ltd Stock Market Press Releases and Company Profile

NORTHERN AUSTRALIA INFRASTRUCTURE FACILITY BOARD APPROVES EXTENSION OF OFFER FOR FUNDING OF THE KIDSTON PUMPED STORAGE HYDRO PROJECT

NAIF Board Approves Extension of Kidston Hydro Funding Offer
NAIF Board Approves Extension of Kidston Hydro Funding Offer

Sydney, Nov 13, 2019 AEST (ABN Newswire) - Genex Power Limited (googlechartASX:GNX) (Genex or Company) is pleased to announce that further to its announcement on 1 November 2019, the Northern Australia Infrastructure Facility (NAIF) Board has confirmed it has extended the date of its offer of long-term concessional loan funding for the Kidston Stage 2 Pumped Storage Hydro Project (Project), which was provided to Genex earlier this year (refer ASX announcement 11 July 2019). The offer was originally made to 30 November 2019 and has now been extended to 30 June 2020.

Highlights

- NAIF Offer of Funding extended to 30 June 2020.

- Genex continues to work with NAIF and other stakeholders to achieve financial close as early as possible in 2020.

The offer remains subject to a number of conditions precedent including the finalisation of the Queensland Government's consideration of the Project and its agreement for the approved funds to be advanced. As announced on 1 November 2019, Genex is continuing to work with the NAIF team and its other stakeholders to complete the restructuring of the Project financing with a view to achieving financial close as early as possible in 2020.

In commenting on today's announcement, James Harding, CEO of Genex said: "Genex welcomes the continuing support of NAIF in its development of the Kidston Pumped Storage Hydro Project, which reflects the significance of the Project to Northern Australia. Notwithstanding the setback earlier this month, we are continuing to maintain the momentum built up this year for the Project and with the support of NAIF and our other stakeholders, we are progressing the restructuring of the transaction with a view to achieving financial close on this iconic project as soon as possible. We will continue to keep the market informed as these activities progress."

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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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