SOLAR JOBS JOLT

Kidston project shines a light of hope

UP TO 500 jobs will be generated from a massive and innovative renewable energy hub. Genex Power says the Northern Australia Infrastructure Facility’s support for a $ 516 million loan will help finance stage two of its Kidston project, north of Townsville.

Executive director Simon Kidston said Genex was on track to complete financing by the end of this year.

“Just with stage one, I think a fair chunk of those ( jobs) will come from Townsville,” he said.

Mr Kidston said by next year there would probably be 500 people working on construction.

A 250 megawatt pumped storage hydro project and 270MW integrated solar project are the next stage of the project.

A 50MW solar farm has already been built on site.

There are plans for a wind farm on site for stage three of the project.

Construction work on the hydro component is expected to continue for three years.

Mr Kidston said NAIF’s support was a big step for Genex.

“We view this as the cornerstone funding and to have NAIF back the project is a massive vote of confidence,” he said. “Their funding is very important for making the project happen.”

NAIF chief executive officer Laurie Walker said the indication of support would assist Genex to advance discussions with other project counterparties.

“This is a demonstration of how NAIF can work with stakeholders to help them understand how its concessional financing can support the development of a project which has the potential to provide substantial benefits to Northern Australia,” she said.

Resources and Northern Australia Minister Matt Canavan said at this stage, NAIF had not made a final decision on a loan for the Kidston project.

“The NAIF board has provided Genex with what is called an ‘ indicative term sheet’ for its Kidston solar and hydro project,” he said.

“The NAIF board has not yet made an investment decision nor has it given any commitment for financial assistance.”

With a solar farm already at the site, the hydro facility can use that electricity to power its pumps to feed what it generates back into the grid.

Besides the hundreds of jobs flowing from the hydro and solar build, Genex’s project could lead to similar and other job- generating renewable developments.

Genex has engaged Powerlink to investigate a potential 275kV high voltage electricity transmission line connection to support the Kidston project.

Mr Kidston said a new transmission line would help make North Queensland a renewable energy zone.

Powerlink chief executive officer Merryn York said Powerlink was continuing to work with Genex to support the connection of their renewable energy project at Kidston to the transmission network.

Powerlink Australian chair in electricity transmission at the University of Queensland Simon Bartlett said pump hydro storage, like that at the Kidston project, was important as it was reliable and affordable.

“This one at Kidston is quite small in my view but every bit helps,” he said.

WE VIEW THIS AS THE CORNERSTONE FUNDING AND TO HAVE NAIF BACK THE PROJECT IS A MASSIVE VOTE OF CONFIDENCE SIMON KIDSTON