Genex Power refinances two solar projects
Australian renewable energy company Genex Power has achieved a successful refinancing of its two operational solar projects with a new 5-year multi-million-dollar financing package. The company secured a new $162 million senior debt facility to replace the existing one, covering the 50MW Kidston solar farm in Queensland and the 50MW Jemalong solar farm in NSW.
The financing, provided by existing lenders Deutsche Zentral-Genossenschaftsbank (DZ BANK) and Westpac Banking Corporation, offers more favourable terms due to the impressive operational track record of the solar projects.
Commitment to Sustainable Energy
Genex Power CEO, Craig Francis, expressed delight in the successful refinancing, highlighting the strong performance of their solar projects. He emphasised that the new financial arrangement not only enhances their financial position but also reinforces their dedication to sustainable energy development in Australia.
Expansion and Future Projects
Following the recent takeover offer from Japanese partner J-Power, valuing the company at $380 million, Genex Power is actively working on the 250MW Kidston Pumped Storage Hydro Project (K2-Hydro). Construction commenced in early 2021, with expectations for completion later this year. The Kidston Solar Project (KS1) and K2-Hydro projects serve as the cornerstone of the Kidston Clean Energy Hub, with potential future expansion to include a wind project.
Joshua S Hill, a seasoned Melbourne-based journalist with a focus on climate change, clean technology, and electric vehicles, has been reporting on these sectors for over 15 years. His work for Renew Economy and The Driven has been instrumental in raising awareness about electric vehicles and clean technologies. Interestingly, Joshua’s preferred mode of transport is walking.
