Kidston project in NAIF sights
A LARGE- scale North Queensland solar power project has been revealed as a frontrunner to receive a concessional loan from the $ 5 billion Northern Australia Infrastructure Facility.
Genex Power Limited has received approval from NAIF to proceed to the full due diligence phase for its Stage 2 solar and hydro pumped storage projects at Kidston, about 380km west of Townsville.
It comes less than a month after the project was granted “critical infrastructure” status by the State Government in a bid to cut red tape.
Genex managing director Michael Addison said the NAIF approval was a “big tick” for the project.
“Genex welcomes this decision from NAIF as it views NAIF as an integral partner in the Stage 2 project financing,” Mr Addison said.
“It’s very critical to our project. It would be more challenging if we had to proceed without it.”
The cost of the solar project’s second state is about $ 420 million, with the hydro project to cost $ 330 million.
It is understood NAIF would provide Genex with be- tween $ 200 million and $ 300 million.
The State Government last month announced it would invest $ 150 million to develop a 275kV transmission line in North Queensland, which would include linking Genex’s Stage 2 projects to the Powerlink network.
NAIF chief executive officer Laurie Walker said the board was looking forward to working with Genex on the full due diligence phase.
“NAIF is keen to support infrastructure projects across Northern Australia that will generate public benefit and economic and population growth in Northern Australia, such as this in the renewable energy sector,” she said.
Genex is aiming to start construction on its 270MW solar and 250MW hydro projects at Kidston in 2018.
A NAIF spokeswoman said she was unable to comment on the status of Adani’s $ 900 million loan application for its rail line, which would link the Galilee Basin to the Abbot Point coal port, due to commercial in confidence regulations. T OWNSVI L L E ’ S n e w e s t real estate development has launched an energy- saving initiative that is set to dramatically reduce ongoing energy costs to home buyers, saving them thousands.
Maidment Development Group, the developer behind the brand new estate Harris Crossing on the banks of the Bohle River at Bohle Plains, is offering home buyers the option to install a Tesla Powerwall 2 Home Battery System for a fraction of the normal retail price.
“Offering the Tesla Powerwall to residents at Harris Crossing is a first for North Queensland and lifts the bar to a whole new level, making sure that our new home buyers are positioned to save tens of thousands of dollars into the future,” Maidment sales and marketing manager Nick Ryle said.
The power storage system enables residents to capture and store excess solar energy produced during the day for use at night. It also allows the use of solar- generated electricity during a utility outage.
“Homeowners will be able to take control of their own energy behaviour, understanding the how, when and why of powering their own home,” Mr Ryle said.
He said advances in battery technology meant users could also make the most of using an electric car, with a BMW i3 on display at Harris Crossing and recharged from the sales office.
“For a fraction of the price, you can recharge your car while you sleep,” he said.
Mr Ryle said residents could also turn solar energy into a revenue raiser by exporting excess energy back to the grid or potentially redistributing power to other users in the area.