Genex Power achieves first revenue from Kidston Solar project

Company News

by Kathy Skantzos

Power generation development company Genex Power (ASX:GNX) has achieved the first revenue for stage 1 of the Kidston Solar project.

Electricity produced from the project is now being transmitted into the National Electricity Market and will be ramped up to full capacity as the commissioning of the project is completed.

The 20-year revenue deed with the Queensland state government will be initiated in the coming months.

In addition, the federal government’s Australian Renewable Energy Agency has provided $8.9 million in funding to support the construction of the project, and has also provided an additional $9 million in funding to support the development of stage 2 of the project.

Genex’s Managing Director Michael Addison said the project has now transitioned from being technically operational to commercially active.

Shares in Genex Power (ASX:GNX) are trading 1.32 per cent higher to $0.39.
 

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.