Monitoring the Phase 1 Output, page-59

“ Power sales: During the first 20 years of plant operation, the Kidston solar project will be supported by a 20-year contract with the Queensland Government under its Solar 150 program. The contract is structured as a one-way contract for differences, whereby Kidston revenues will be topped up to the contract price when NEM prices average less than the contract price. When NEM prices exceed the contract price GNX, gets to keep all of the revenue. While the contract price was not disclosed by GNX, the Qld Government had indicated that tender prices of $80-100/MWh (flat nominal) were acceptable to it1. Our modelling assumes a contract price at the mid- point of the target range, thus ~$12.8m of first year revenues supported by the Government contract. We assume a small amount of revenue from price will exceed the contract price (~$0.5m pa).”