Genex reaches financial close on 100MWh Bouldercombe battery project

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Genex Power has now achieved financial close on its 50MW/100MWh battery energy storage system (BESS) project in Queensland, Australia. 

The Australian Securities Exchange (ASX) listed renewable energy developer said yesterday that all conditions have been fulfilled for the Bouldercombe Battery Project (BBP) standalone BESS to go ahead.

Energy-Storage.news recently reported the company had signed a AU$35 million (US$25.46 million) debt facility with Infradebt and then firm commitments to a capital raise worth AU$40 million last week. Genex Power has said it expects the project, for which it has contracted Tesla as BESS equipment supplier and market optimiser, to offer favourable economic returns. 

The company also launched a share purchase plan to raise AU$10 million from existing investors, with intentions to use AU$25 million of the investment capital raised for the Bouldercombe project and the other half as working capital to progress a pipeline of more battery projects. 

“Today marks a key step in the roll out of large energy storage capability in the National Electricity Market. The financial close of Genex’s first battery energy storage system, the Bouldercombe Battery Project is a significant achievement for the Company,” CEO James Harding said yesterday, adding that Notice to Proceed has been issued to key contractors including Tesla. 

Genex is also constructing Australia’s first new pumped hydro energy storage (PHES) plant in nearly 40 years at present. It already has 100MW of renewable capacity in operation across two 50MW solar PV plants, and is developing 420MW of wind projects. 

At the end of last week, the company reported its H1 FY2022 results, noting a 51% increase on revenues from the first half of FY2021, from AU$7.9 million to AU$11.96 million and underlying EBITDA of AU$5.03 million, a 126% increase on the equivalent period in the previous year. Increase in revenues came from strong performance by its solar farms, the company said. 

It spent AU$84.03 million in capital expenditure on the Kidston PHES project’s construction during the half-year.

Genex recorded a net loss after tax of AU$4.41 million driven by the depreciation of the enlarged portfolio of completed construction assets but held net cash and cash equivalents as of 31 December 2021 of AU$36.62 million. 

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