Today's Australian, page-4

Genex Power (GNX) 16c
The far north Queensland renewable energy hopeful’s flagship project remains its $450m plan to convert the disused Kidston goldmine into a pumped storage hydro facility, but it’s gaining traction elsewhere.
Genex has engaged Gallic banker Societe Generale to rustle up debt financing for a traditional 50 megawatt solar farm, on the same site but not dependent on the hydro venture.
Utility Ergon has agreed to buy the output over 25 years.
Genex has also applied for a grant from the Australian Renewable Energy Agency, having received $4m ($2.6m untapped) for the hydro project.
Genex director Simon Kidston says the solar farm, costed at about $130m, would be located in one of the hottest parts of the country and a mere 200m from the Ergon-owned transmission lines. Spanish renewables giant FRV, which recently sold its interest in Canberra’s Royalla farm, plans to build a ginormous 100MW facility south of Townsville.
Genex’s 450MW hydro project is a tariff arbitrage play that involves generating power by pumping water from one dam to a higher one in non-peak times and then releasing it at times of highest demand.
Kidston says that as the solar farm is permitted to expand to 150MW, the hydro scheme could eventually be powered by the sun’s rays.
There’s a few “maybes” here, but the backing of SocGen, Ergon and Arena elevates this one from the whimsical sphere to a speculative buy.