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Genex Power has been awarded the energy offtake deal required to proceed with the Kidston Hydro Project in Far North Queensland, creating around 500 jobs.  They will commence construction in Q3 of 2020 and the build time will be over 3 years.

“It’s now just a matter of dotting the i’s and crossing the t’s with financing,” executive director Simon Kidston said.

The former Kidston gold mine is the sight of the proposed $1 billion renewable energy hub.  The Northern Australian Infrastructure Facilitiy (NAIF) has offered the project a $610 million loan.

EnergyAustralia dashed Genex’s company’s hopes of reaching financial close on the project late last year when it failed then to commit to a long-term energy agreement, but Genex has now finalised the ESSA.

“We have been extremely pleased with the support of our stakeholder and counterparties during this period and now believe, with the recent signing of the ESSA with EnergyAustralia, that we have the basis to move forward to financial close of the project,” Genex chief executive officer James Harding said.

“The K2-Hydro project will be the first pumped storage hydro project in the National Electricity Market in almost 40 years and the first to be developed under private ownership.”

Other elements of the energy hub include the operating 50MW Stage 1 Solar Project (KS1), a multi-staged integrated solar project of up to 270MW (K2-Solar), and the Kidston Stage 3 wind project of up to 150MW.