Genex finalises NSW solar purchase, as progress continues on Kidston hydro

The Australian company behind the ground-breaking Kidston solar and pumped hydro storage project in north Queensland has completed the acquisition of an 50MW solar project in NSW.

Genex Power said on Tuesday that it had finalised the purchase of the 50MW Jemalong solar farm, near Forbes – an undeveloped project put up for sale by Vast Solar.

As we reported at the time, Vast Solar had meant to use pair the solar farm with a 30MW concentrating solar facility, but put the PV project up for sale, apparently in a bid to pursue its technology somewhere with a better solar resource.

For Genex, the NSW project presented an opportunity for the company to begin establishing itself as a diversified renewable energy and storage operator, while chipping away at its priority Kidston project.

“We believe the addition of (Jemalong) provides an excellent opportunity to diversify Genex’s generation profile geographically whilst achieving exposure to the strong electricity spot market in NSW,” said Genex CEO James Harding in comments on Tuesday.

“The accelerated development timeline and the short construction period will allow Genex to achieve a step-up in revenue earnings whilst the construction of the Kidston Stage 2 projects proceeds.”