CEFC finance helps convert Queensland gold mine to solar with pumped hydro storage on the horizon - Clean Energy Finance Corporation
Summary
The CEFC has confirmed another major new investment in North Queensland, with $54 million in finance for an innovative large-scale solar development that also has the potential to spearhead a new pumped hydro storage project.Genex Power Ltd has secured $54 million in debt finance from the Clean Energy Finance Corporation for the development of the Phase One 50MW large-scale solar farm at its Kidston Renewable Energy Hub, 270km north west of Townsville. As an ASX-listed company focused on renewable energy generation and storage, we are pleased to partner with the CEFC to develop this project. Further CEFC-financed large-scale solar projects are nearing financial close, with the program on track to exceed its initial $250 million target.Following the success of the large-scale solar program, the CEFC is now looking to finance the accelerated development of flexible capacity and large-scale storage projects.Ms Chan added: "Energy storage solutions such as pumped hydro are the next step in our clean energy transition. "Genex estimates that on completion, the 250MW pumped hydro storage project will support 1,500MWh of continuous power in a single 6-hour generation cycle. The company is focused on innovative clean energy generation and electricity storage solutions which deliver attractive commercial returns for shareholders.