Major solar-wind-storage project at Queensland gold mine bags extra funding

Australia-based firm Genex Power is set to bag a second round of debt funding from the Northern Australia Infrastructure Facility (NAIF) for what will be the world's first pumped storage hydro project to utilise an abandoned gold mine. NAIF will provide a long-term concessional debt facility for up to AU$610 million (US$426 million) to Genex’s Kidston Stage 2 Pumped Storage Hydro Project (K2-Hydro) in northern Queensland. Genex now expects to reach full financial close for the project before 30 September, having reached a number of milestones in the past year. In December 2018, the developer signed a term sheet with the utility EnergyAustralia for a long-term energy storage services agreement and equity investment. An early-works programme on the hydraulic design for the hydro turbines then started in February, followed by the final environmental go-ahead in April. The funding is also subject to the finalisation of the Queensland Government’s consideration of the project. K2-Hydro has the ability to integrate with the 270MW Kidston Solar Project. Located in what the company claims on its website is the highest irradiation zone in Australia, the PV project would use more than 3 million solar panels to power 143,000 homes.

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