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So right now there is a URL with the cached version of what you were alerted about, which I just found.
By Market Forces on 8 June 2017 PRESS RELEASE
Genex Power has mandated Grant Samuel as its financial adviser for the 270MW Kidston Solar Phase II project.
Grant Samuel, a corporate advisory group serving the Australian, New Zealand and Asia-Pacific market, will help raise a mix of equity and debt, according to Harrison Holihan, an executive associate at Genex Power.
Holihan told IJGlobal that Genex Power will also work with Societe Generale on the deal, as it did in the project’s first 50MW phase. However, Genex Power will need another bank to help support the debt, Holihan said.
Financial close is expected towards the end of 2017. A power purchase agreement (PPA) should be signed in the next few months. The source said that the firm is hoping to agree a long-term PPA with a local government entity. If it achieves this, the firm expects to be able to increase its project debt to around 70-85%.
Genex is intending to launch the engineering, procurement and construction tender for Phase II this month. The second stage includes an additional 270MW of solar power, as well as a 1.5GWh hydro storage facility.
The Kidston pumped storage hydro project will be located in Northern Queensland on the site of the historical Kidston gold mine. The site is located 270km north west of Townsville near the township of Georgetown.
The project will consist of an upper and lower reservoir, in addition to an adjacent balancing storage pit. The upper storage reservoir will be created using a ‘turkey’s nest’ type dam, constructed on the waste rock dump to the north of Eldridge Pit. The lower storage reservoir for the project will be the existing Eldridge Pit, according to information on Genex Power’s website.
Genex Power signed a long-term, fixed-price, 20-year power purchase agreement with the Queensland government for supply of power generated from the solar farm in September 2016 for Phase I. Financial closure for the 50MW project was reached in December 2016.
For Phase I, The Australian Renewable Energy Agency (ARENA) provided debt. Genex Power also secured an initial grant of A$8.85 million from ARENA and debt finance of A$54 million from the Clean Energy Finance Corporation.
GNX Price at posting:
21.5¢ Sentiment: Buy Disclosure: Held
