UGL signs $110M agreement with Genex Power

Company News

by Jessica Ellerm

UGL Limited (ASX:UGL) has announced it has signed a $110 million agreement with Genex Power Limited (ASX:GNX) to deliver the first phase of the Genex solar project in Kidston, North Queensland.

The first stage of the solar farm is expected to have an installed capacity of 50 MW, with phase two expected to bring total capacity to 270MW.

Genex has secured Queensland Government Financial Support for 100 percent of the energy produced at Kidston via a long term price guarantee arrangement.

Once commissioned, UGL will undertake operations and maintenance of the solar farm for 5 years, with an option to extend.

UGL Limited reported a net loss of $103 million at 30 June 2016.

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.