• Agreement with ARENA for funding of up to $5.0 million
• Funding to accelerate Kidston Stage 2 to Financial Close
Genex Power Limited (ASX: GNX) (Genex or Company) is pleased to announce that it has secured further Federal Government funding of up to $5.0 million via a funding agreement with the Australian Renewable Energy Agency (ARENA) (Funding Agreement) for the Kidston Stage 2 Project (K2) at Kidston, North Queensland. The K2 Project comprises the 250MW Kidston Pumped Storage Hydro Project (K2-Hydro), and the co-located 270MW solar PV Project (K2-Solar).
Under the terms of the Funding Agreement, the funding is to be applied toward specified pre- Financial Close activities to progress the K2 Project to Financial Close in 2018. Further detailed terms of the Funding Agreement are set out in Annexure A.
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