The Australian Renewable Energy Agency (ARENA) will provide up to $47 million in funding for Genex’s construction of its Kidston Stage 2 Pumped Hydro Energy Storage (PHES) project.
Construction is expected to commence on the massive 250 MW Kidston Pumped Hydro Storage Project in the coming weeks after developer Genex Power announced a $115 million share issue which will deliver the final funding required for the project to proceed.
Genex will go it alone to provide the equity needed for the massive Kidston pumped hydro energy storage project in north Queensland, announcing a $115 million share issue to raise the remaining funds after a deal with a potential equity partner fell through.
Genex Power Ltd (ASX:GNX), the developer of the 250-MW K2 pumped storage hydro project in Queensland, has kicked off an AUD-115-million (USD 87.4m/EUR 73.9m) equity fundraising, betting on a plan to achieve financial close without partners.
Genex Power (GNX) will soon have enough capital to begin construction on its flagship Kidston Pumped Storage Hydro Project in North Queensland.