General GNX News, page-240

So that's the definition of "very near term"... 

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Fundingfor Genex Power’s pumped hydro storage facility expected to create 500 jobs

CHRISLEES, Townsville Bulletin

November8, 2018 7:50am

Subscriberonly

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FUNDING  for a renewable energyproject expected to generate about 500 jobs is to be finalised by the year’send.

Genex Power’s pumped hydro storagefacility at its Kidston project is the next step in the renewable energy hub.

Financial close of stage two of theproject is Genex’s “top priority”.

Executive director Simon Kidston saidthe hydro storage facility was shovel ready and the intention was to startconstruction in March or April next year.

He said Genex was negotiating anarrangement with a major energy company to operate the hydro plant, the companywould then pay a rental payment to Genex, which would help the project get tofinancial close. “Weare expecting to have this finalised by Christmas,” Mr Kidston said.

In June this year the much malignedNorthern Australia Infrastructure Facility expressed its support for thedevelopment of the financing structure for stage two. Mr Kidston said one of the conditionsof the potential $516 million loan was having a contract with an energy companyto operate the hydro plant. If this happens the NAIF loan will beused to finance the hydro plant.

Mr Kidston said they would source asmany of the 500 jobs locally but would look to Townsville as a fly-in, fly-outhub for the project.

In an address to shareholderschairman Ralph Craven said Genex was putting together the “final pieces” ofvarious elements for financial close and would update the market on “somesignificant developments in this respect around offtake in the very nearfuture”. “We believe our current discussionswith key stakeholders including an offtake partner, funding partners,transmission service providers and other statutory and regulatory bodies shouldsoon culminate in a positive outcome,” he said.

In September, the development wasdeclared a co-ordinated project by the State Government, which will helpfast-track construction.

Besides the hydro facility, a solarfarm already exists at the Kidston project, about 270km north west ofTownsville. Mr Kidston said it had been fullycommissioned and was providing stable electricity to the grid. The next stage of the project is apotential wind farm, with a feasibility study underway into its potential.