The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Genex achieves contractual close for 100MWh Queensland battery project

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). 

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The announcement comes just two days after 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

June 18, 2024
Jupiter Power has unveiled plans to construct a 700MW standalone battery energy storage system (BESS) facility at the site of a former oil depot previously owned by ExxonMobil in Everett, Massachusetts.
June 18, 2024
RWE has moved forward with proposals for a 350MW battery energy storage system (BESS) to be located next to its Pembroke Power Station in Wales, UK.
June 18, 2024
Aaron Philipp Gerdemann explores some of the grid-forming technologies emerging as alternatives to traditional solutions for safeguarding the grid.
June 13, 2024
US$5 million will be made available for long-duration energy storage (LDES) projects via a competitive solicitation run by the New York State Energy Research and Development Authority (NYSERDA).
June 13, 2024
TCC Group Holdings, the majority owner of New HOrizons Ahead (NHOA), intends to increase its holding and take the company private, delisting it from the Euronext Paris exchange.  

Most Popular

Email Newsletter