Genex Flagship Project
250MW Kidston Pumped Storage Hydro Project (K2-Hydro)
The Kidston Pumped Hydro Project is the flagship project of the Kidston Clean Energy Hub, located in Kidston, Far-North Queensland.
About the project
The Project reached financial and contractual close in April 2021, with a total funded construction cost of around A$777M. Full swing construction at the Project commenced in May 2021, with completion of the Project on track for 2024.
Financing was underpinned by a A$610M 15-year debt facility from the Northern Australia Infrastructure Facility, in addition to a $47M funding grant provided by the Australian Renewable Energy Agency, a further A$3M of subordinated debt funding from Clean Energy Finance Corporation, and proceeds from the fully underwritten fundraising undertaken by the Company.
The Project has a low capex due to the unique reuse of existing mining pits (Wises and Eldridge) as the upper and lower reservoirs for the Project, and other infrastructure such as accommodation camp, airstrip and water supply – minimising construction time and cost.
The significant potential water head differential that the pits offer, and the vast quantity of water the pits can hold, means the Project has a high electrical efficiency and can support 2,000MWh of continuous power generation in a single generation cycle (250MW of peaking power generation over an 8-hour period).
A dedicated transmission line will unlock the potential of the Kidston Clean Energy Hub, and the power generated will be sold directly into the NEM, whilst the synchronous operation will add much needed system strength to the weak North Queensland grid.
The Project has unlocked the renewable generation potential of North Queensland, is contributing to the creation of 900 direct jobs, and will help the State achieve its Renewable Energy Target of 50% by 2030.
- ARENA: $47M
- NAIF: $610M
- CEFC: $3M
- Queensland Government: $147M