Genex Power Ltd Stock Market Press Releases and Company Profile
Receives Lender Credit Approval for Jemalong and KS1
Receives Lender Credit Approval for Jemalong and KS1

Sydney, Nov 21, 2019 AEST (ABN Newswire) - Genex Power Limited (googlechartASX:GNX) is pleased to announce that banks have received credit approval subject to final documentation for $175m of debt funding that will be utilised to finance the construction of the Company's 50MW Jemalong Solar Project (JSP) in New South Wales and to refinance the existing debt facility for the 50MW Kidston Solar One Project (KS1), operating at the Company's Clean Energy Hub in Kidston, North Queensland.

The facility, to be provided by a syndicate of three banks, compromises DZ BANK, NORD/LB and Westpac Banking Corporation (Westpac). NAB's Financial & Equity Advisory team is acting as Financial Advisor to Genex.

With the ongoing operation of KS1, which achieved practical completion in late 2018, Genex now expects to be able to refinance the existing debt package for KS1 to secure more advantageous financing terms given the now lower risk profile. By combining the financing of JSP and refinancing of KS1, Genex has been able to structure the financing of JSP on a fully merchant basis. JSP is forecast to be operational in Q4 CY 2020, which will allow the Company to generate merchant revenues in New South Wales at attractive forecast prices over the coming years as a result of major generator closures, whilst also giving the Company flexibility to secure a power purchase agreement on competitive terms independent of the financing process if the opportunity presents itself.

Commenting on this achievement of another significant milestone for the Company, CEO of Genex, James Harding stated:

"As a result of banks confirming credit approvals, JSP is now ready to commence construction, subject to the finalisation of project and financing documentation, which is expected to occur over the coming weeks. We wish to thank the lenders and the Company's advisors for their support to date and look forward to working together over the coming months and years."

Project Summary:

JSP will produce ~128,700MWh per year, providing enough electricity to power more than 23,000 Australian homes entirely with renewable energy, and offsetting ~106,500t of CO2 per annum, which is equivalent to removing ~29,000 cars off Australian roads. Genex will sell the energy generated from JSP into the National Electricity Market (NEM), collecting the spot-price (i.e. merchant revenue profile), allowing JSP to collect revenue in the form of the sale of electricity and the sale of Large-scale Generation Certificates (LGCs). JSP has an operational asset life of 30 years and utilises well-known tier-one equipment suppliers to enhance generation and longevity.


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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