Genex Power Limited (ASX:GNX) (Genex or Company) welcomes the Joint Media Release today from the office of The Hon. Malcolm Turnbull MP Prime Minister and The Hon. Josh Frydenberg MP Minister for the Environment and Energy which states in part:
“The Turnbull Government has reaffirmed its strong commitment to energy security by providing $54 million from the Clean Energy Finance Corporation (CEFC) to support a large-scale solar development with the potential for pumped hydro storage.
Developing storage technology for renewables is important for stabilising the grid as electricity can still be used when the sun is not shining or the wind is not blowing.
The solar development will take place at Genex Power’s Kidston Renewable Energy Hub, 270km north-west of Townsville.
The Australian Renewable Energy Agency has provided $4 million for a study into the next phase, a 250 MW pumped hydro-storage project.
Co-locating a large-scale solar farm with a large-scale pumped hydro storage project will be an Australian first...”
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