Genex Power signs agreement for Jemalong solar project in Australia

Australia’s clean energy generation and electricity storage solutions provider Genex Power has entered a binding connection agreement for the 50MW Jemalong Solar Project (JSP) in New South Wales (NSW).

Genex’s wholly-owned subsidiary Jemalong Networks signed the agreement with Essential Energy, which operates one of the largest electricity distribution networks in Australia.

The project will be connected to the National Electricity Market (NEM) through Essential Energy’s distribution network.

Genex CEO James Harding said: “We are very pleased to execute the connection agreement with Essential Energy for the Jemalong solar project and secure our project within the NEM as a committed generator.

“In a short amount of time, we have already established an excellent relationship with Essential Energy and look forward to working together over the coming weeks and months.”

Located at the existing West Jemalong 66/11kV Zone Substation, the connection point is present within the close proximity of the project site thereby reducing the construction cost and time.

With the agreement the Jemalong project has secured its position in the NEM, and is now classified as a ‘committed generator’.

According to Genex, refinance of the 50MW Kidston solar project (KS1) and project financing for JSP is expected to close by mid-2019.

Harding added: “We are also pleased to report that the refinancing activities of KS1 and project financing activities for JSP continue to advance as scheduled. Genex remains on track to reach financial close for both of these projects by the middle of the year, establishing our position as a key renewable energy developer in the NEM as we continue to expand our portfolio.”

Earlier this month, Genex Power obtained environmental approvals for the development of the Kidston Pumped Storage Hydro Project (K2-Hydro).