Its has been 12 months since I was standing here at Genex Power’s (ASX:GNX) last CEO Session, and in that time our share price has grown by 25 per cent. But, I think we are at the very start of our journey at Genex Power.
We are focused on clean energy generation and energy storage and because of that, we are benefiting from a structural change in the economy, as it de-carbonises and moves toward renewable clean energy. There is strong government backing for that initiative and we have been the beneficiary of that in the form of Government contracts.
We are developing two projects on the one site. Our first project is 50 megawatts. That’s a very large solar farm. If fact, if it was operating today that would be the fourth largest solar farm in the country. That project is funded and currently under construction. It also benefits from a 20-year revenue support arrangement from the Queensland Government.
Our second project is a highly strategic pumped storage hydro project. If you think about pump storage hydro, it’s like a giant water battery. So it’s a very efficient way to store power. But, we are also planning to integrate that giant water battery with an expanded solar farm, to drive power behind those pumps to make it a very efficient, clean energy hub.