Genex Power (ASX:GNX) executes connection agreement with Powerlink

Company News

by Rachael Jones

Genex Power (ASX:GNX) has finalised its negotiations with Powerlink Queensland in relation to the connection arrangements for the 250MW Kidston Pumped Storage Hydro Project.

This has culminated in the special purpose vehicle incorporated to own and operate the Project having executed a Generator Connection and Access Agreement (‘GCAA’) with Powerlink.

This agreement secures $147 million in funding from the Queensland State Government.

The GCAA provides for the construction of a new single circuit 275kV transmission line from Kidston to a new switching station at Mt Fox, which will connect the Project to the National Electricity Market.

Shares in Genex Power (ASX:GNX) are trading 3.8 per cent higher at 28 cents.