Genex Power has obtained environmental approvals for the development of the Kidston Pumped Storage Hydro Project (K2-Hydro). Credit: Genex Power.

Australia’s clean energy generation and storage solutions provider Genex Power has obtained environmental approvals for the development of the Kidston Pumped Storage Hydro Project (K2-Hydro).

The K2-Hydro project is expected to help the Queensland Government achieve its target of generating 50% of electricity through renewable sources by 2030.

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It is expected to strengthen the North Queensland network as well as minimise the need to import electricity from neighbouring regions.

The project is also expected to support the Australian renewable energy target and the development of a renewable energy zone in Northern Queensland.

“Genex is very pleased to finalise the environmental approvals for the K2-Hydro project and allow efforts to be squarely focused on achieving financial close.”

Genex Power CEO James Harding said: “Genex is very pleased to finalise the environmental approvals for the K2-Hydro project and allow efforts to be squarely focused on achieving financial close.

“Genex wishes to thank the Office of the Coordinator General for assisting with the approvals process and for the strong support shown to date for the development of the project.”

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The project will fall under the ‘coordinated project declaration’ that was made by the Queensland State Government in October last year under the State Development and Public Works Organisation Act 1971.

In February 2017, Genex Power reached financial close on the 50MW Phase One of Kidston solar project in Australia.

For the financial close, Genex has entered into a debt funding arrangement for $100m with French financial services company Société Générale (Soc Gen) and Australian Government-owned Green Bank Clean Energy Finance Corporation (CEFC).