Genex achieves contractual close for 100MWh Queensland battery project

Share on linkedin
LinkedIn
Share on twitter
Twitter
Share on reddit
Reddit
Share on facebook
Facebook
Share on email
Email
Genex solar farm in Kidston, Queensland, close to the site of the 2GWh PHES plant the company has under construction. The 50MW PV facility pictured is being expanded to 270MW to integrate with the pumped hydro. Image: Genex.

Clean energy developer Genex Power has “secured the final piece” of its project finance package for the 50MW/100MWh Bouldercombe Battery Project (BBP) in Queensland, Australia. 

Genex made an announcement to the Australian Securities Exchange (ASX) this morning. Having received firm commitments to a AU$40 million (US$29 million) capital raise to fund the project, it has now achieved contractual close for the standalone battery energy storage system (BESS). 

The announcement comes just two days after Energy-Storage.news reported that Genex had agreed a AU$35 million debt finance facility for BBP from specialist project finance fund manager Infradebt under a 12-year term.

Tesla will supply 40 of its Megapack grid-scale battery storage units to the project and the US tech company’s Autobidder trading and bidding platform will control its market-facing activities. 

Genex said the AU$40 million institutional placement, alongside the Infradebt loan, will go towards project construction costs as well as repay an existing debt facility to Australia’s national Clean Energy Finance Corporation and provide further working capital. 

“I am delighted to announce today the final piece for the project financing of the Bouldercombe Battery Project, being the completion of a AU$40 million institutional placement,” Genex Power CEO James Harding said, thanking the company’s existing institutional shareholders and welcoming new ones. 

“In acknowledgement of this support, I am pleased to confirm the launch of a AU$10 million Share Purchase Plan to allow our retail shareholders to participate in the capital raising on similar terms to investors under the institutional placement.”

Bouldercombe, along with Genex’s large-scale pumped hydro energy storage (PHES) plant under construction at Kidston, also in Queensland, “will add significant upside exposure for shareholders when it commences operation,” scheduled for mid-2023, Harding said. 

Read Next

July 1, 2022
News in brief from around the world in Energy Storage.
July 1, 2022
As the role of coal declines and ends in Australia’s NEM, huge growth in dispatchable energy storage capacity will be needed in the mix.
June 30, 2022
US battery energy storage system (BESS) integrator Jupiter Power has turned its second 200MWh BESS online in Texas, bringing its total capacity in the state’s market to 450MWh.
June 30, 2022
Swiss Life Asset Managers has acquired a 50% stake in BCP Battery Holding, a company with several utility-scale battery energy storage system (BESS) developments in Germany.
June 30, 2022
Construction has begun on the first of four battery energy storage systems (BESS) totalling 200MW/200MWh from global system integrator Fluence in Lithuania.

Most Popular

Email Newsletter