The Queensland Government will inject $150 million in clean energy, which will give a much needed boost to the development of Genex Power Limited’s
(ASX:GNX) projects.
It comes as the Queensland State Premier, Annastacia Palaszczuk announced she would unlock up to 2,000 megawatts (MW) of renewable projects in North Queensland.
The renewable energy firm says the Government tipped would commit $150 million towards the development of a transmission line. The line will allow Genex Power’s 250MW Kidston Pumped Storage Hydro Project and its 270MW Kidston Solar Project to connect directly into the national grid.
Genex Power says it’s a very significant milestone, as it secures a route to market for the renewable energy generated at Kidston.
The company will also work with the Government to ensure the transmission assets fit into the overall development of the Kidston Energy Hub.
Shares in Genex Power Limited
(ASX:GNX) are trading 2.27 per cent lower to 21.5 cents.
