Genex Power confirms financial close for Queensland BESS

Genex Power confirms financial close for Queensland BESS

Genex Power confirms financial close for Queensland BESS 760 656 Energy Storage Journal

March 3, 2022: Australian renewables and energy storage developer, Genex Power, announced on March 1 the financial close of its first in a planned series of major battery projects in the state of Queensland.

Genex said it had secured a debt facility of AUD 35 million (about $25 million) from infrastructure investor Infradebt to fund the construction of the 50MW/100MWh Bouldercombe Battery Project, in Rockhampton, which is expected to be operational in late 2023.

And CEO James Harding told Energy Storage Journal on March 2 that after completing an equity raise of AUD 40 million a week earlier, a separate share purchase plan, “allowing existing investors to purchase up to AUD 10 million in shares, is currently underway”.

The Infradebt agreement included a revenue sharing deal with Tesla, which will supply its lithium ion Megapacks and real-time trading and control platform for Bouldercombe.

Tesla will operate Bouldercombe for the first eight years and provide Genex with guaranteed revenues. The facility will connect into an available 132kV bay at the Bouldercombe substation — which Genex said is “in a key part of the Queensland electricity grid, with good network strength and marginal loss factor profiles”.

CEO of Genex, James Harding, said the debt facility “allows Genex to retain upside exposure to the attractive economics of energy storage and maximise the economic returns of the project”.

Genex’s portfolio includes the 50MW Kidston solar project in Queensland and the 50MW Jemalong solar project in New South Wales. The company has also started building its flagship 250MW/2,000MWh pumped hydro energy storage project at Kidston.