Genex Power says it has signed a 15-year off take agreement for its proposed 258 MW Kidston wind project that will enable it to complete a unique “trifecta” of wind, solar and long duration pumped hydro storage at the Queensland site.
The 15-year contract for Kidston wind has been signed with the Queensland state owned Stanwell Corp, and will account for around half of the output at an undisclosed fixed price (escalating with inflation).
Kidston already hosts a 50 MW solar farm and a 250 MW, eight hour (2,000 MWh) pumped hydro project that is making use of a former open pit gold mine is expected to be completed late next year. The combination of wind will make it a unique hybrid renewable and storage project.
Genex had already secured an agreement for 30 per cent of the output for Kidston wind with EnergyAustralia, which will also operate the pumped hydro facilities.
The contracts will enable it and its partner in the wind project, Japan’s J-Power, to secure a significant, and presumably lower cost, debt facility to finance the investment.
The finalisation of the wind component means that the transmission capacity at the site will be exhausted and the company will no longer pursue a proposed 270 MW extension to the solar facility.
Genex hopes to reach a final investment decision on the wind component in 2024, with the wind project likely to be complete in 2027.
Genex has been very successful in landing big customers for its projects. Apart from Stanwell and EnergyAustralia, it has also signed up Fortescue Metals and its proposed green hydrogen facility at Gibson Island as a likely customer for its massive Bulli Creek solar and battery project in southern Queensland.
“Our offtake Agreement with Stanwell marks a major milestone for the 258MW Kidston Stage 3 wind project, the third stage of the Kidston Clean Energy Hub,” Genex CEO Craig Francis said in a statement.
“When complete, the project will complete the trifecta of wind, solar and pumped storage hydro technologies all co-located at a single site.”
You can listen to a recent interview with Francis on a recent episode of RenewEconomy’s weekly and award-winning (and very popular) Energy Insiders podcast.
