Kidston pumping as Genex announces financial close
The company said activities underway included installation of accommodation units, upgrade of the access ramp to Eldridge pit, and installation of a new communication system.
Rock material sampling and testing for concrete production has been completed, and pumps are being mobilised to site to commence the initial dewatering of the Eldridge pit.
Expected to be completed by 2024, the project will repurpose pits from the old Kidston gold mine into a 250 MW / 2000 MWh pumped hydro power station, creating hundreds of construction jobs along the way.
Genex announced financial close on Thursday (May 20), but formally kicked off construction last month – when it issued notice to proceed on key contracts.
The project has attracted a $610 million loan through the Northern Australia Infrastructure Facility (NAIF) and a $47 million grant from the Australian Renewable Energy Agency (ARENA).
“Financial close for the Kidston Pumped Storage Hydro Project is a monumental achievement for the company and is one Genex has been working towards for over five years," Genex chief executive officer James Harding said.
“I am pleased to report that site preparation activities at Kidston are now well progressed as we prepare for full-scale project construction activities over the next few months.”
Queensland Treasurer and Minister for Investment Cameron Dick said energy storage projects like the Kidston Pumped Hydro Storage Project, along with strategic transmission investments, would support Queensland to reach 50 per cent renewables by 2030.
“The Queensland Government has played a crucial role in getting the Kidston Pumped Storage Hydro Project over the line to secure a strong renewables future in North Queensland and unlock hundreds of renewables jobs,” he said.
“Our government is providing $147 million funding for essential transmission infrastructure to link the project to the
National Electricity Market and help develop a clean energy hub in North Queensland.
“Our State-owned Powerlink will build, own and operate a 186km transmission line and associated infrastructure, creating over 400 new jobs during its construction.
“With the Kidston hydro project itself supporting over 500 construction jobs and around 25 operational jobs, the Palaszczuk Government continues to drive investment, create jobs and growth, and lower electricity prices for Queensland households and businesses.”
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