The fifth project has reached financial close through ARENA’s groundbreaking large-scale solar competitive round, which is driving down costs, and boosting investment.
The Kidston Solar Farm in North-Queensland has cleared all key financial and contractual hurdles and is now under construction. Genex has finalised all necessary funding requirements for the engineering, construction and operation of the plant.
ARENA CEO Ivor Frischknecht said the project could help deliver on ARENA’s vision for a smooth transition to a renewable energy future by increasing the reliability and security of renewable energy.
“Kidston holds the tantalising proposition of being Australia’s first large-scale solar project capable of delivering renewable energy into the grid around the clock,” Mr Frischknecht said.
“The plant could potentially power an adjacent 250MW pumped hydro storage plant Genex is developing with ARENA support. This would allow renewable energy to be stored through the day and delivered when needed most.”
With construction is underway, Genex will now turn to securing financial arrangements for its 250 MW Kidston Pumped Storage Hydro Project, as well as completing a technical feasibility study for a second 270 MW phase of the Kidston Solar Project.
Genex Media Release – Genex Reaches Project Financial Close For The Kidston Solar Project (PDF 754KB)
Read more: Kidston Solar Farm Project