Genex Power (ASX:GNX) Executive Director Simon Kidston provides an update on construction at the Kidston Solar Project and work with State and Federal governments fast-tracking the project.
Carolyn Herbert: Hello I’m Carolyn Herbert from the Finance News Network and joining me from renewable energy company, Genex Power Limited (ASX:GNX) is Executive Director, Simon Kidston. Simon, welcome back.
Simon Kidston: Thank you very much.
Carolyn Herbert: For investors who aren’t familiar with Genex Power, can you give us a brief introduction to the company?
Simon Kidston: Genex is developing one of the largest solar farms in the country, up in north Queensland. And we’re also developing a very low cost efficient energy storage capability. Our Pump Storage Hydro Project is a very significant project and we’re developing that very rapidly, at the moment.
Carolyn Herbert: You’ve just provided an update on the construction program for your Kidston Solar Project. Can you tell us about that?
Simon Kidston: Our solar program is on track in terms of time and budget. So we’re very pleased with the development of the construction program. And that project benefits from a long-term revenue guarantee with the Queensland Government. So once complete later this year, it’s going to provide a very stable cash flow for the company.
Carolyn Herbert: What are some of the key achievements or milestones that have occurred since your last update?
Simon Kidston: We’ve been extremely busy. So in the last six weeks or so, the Queensland Government has declared this project Critical Infrastructure, which means we’re working very closely with them to develop this project. We’ve also had some very positive news from the Commonwealth Government, from the Northern Australia Infrastructure Facility, which has given us Stage One of the two-stage approval process, which is very important to our funding of our Stage Two program.
Carolyn Herbert: As you say, the Queensland Government has declared the project as Critical Infrastructure. So what does that actually mean for Genex?
Simon Kidston: So what that means is that they’re helping us very proactively, develop this program. So that means fast-tracking approvals; it means all sorts of initiatives to get this project into construction next year.
Carolyn Herbert: Finally Simon, what’s your focus for the rest of the year?
Simon Kidston: We’ve got a very very busy year this year. So we’ve got major progress to announce in terms of revenue contracting, for our Stage Two project. We’re going to kick off construction early next year. But very importantly, our Stage One program will commence cash flow or commence energisation, later this year. And that’s going to be a very significant milestone for this company, as it rolls out its expansion.
Carolyn Herbert: Simon Kidston, thanks for the update.
Simon Kidston: Thank you Carolyn.