GenusPlus Group
(ASX:GNP), a national provider of power and communications infrastructure, has been awarded the contract for Stage 1 of the North West Transmission Developments (NWTD) project in Tasmania.
Project MarinusThis contract is part of the broader "Project Marinus", which was first proposed in 2017 and aims to build two high-voltage direct current underwater cables (the Marinus Link) between Tasmania and Victoria. With planned wind farm and hydropower expansion, Tasmania has the potential to generate significant surplus renewable energy. The existing Basslink interconnector would have insufficient capacity to transmit it.
The project is led by TasNetworks, a state-owned company that operates Tasmania’s electricity transmission and distribution networks. It is supported by funding from the Australian Government’s Rewiring the Nation plan.
Upgrading the gridProject Marinus includes not just the interconnector but also upgrades to Tasmania’s transmission network to support the increased energy flow.
GenusPlus will be the Head Contractor for Stage 1 of the NWTD, which will include constructing dual-circuit 220kV transmission lines, augmenting substations in Burnie, Sheffield and Palmerston, and building a new switching station at Heybridge.
The initial "Early Contractor Involvement" (ECI) phase, valued at $42m, covers engineering and design work, with procurement of materials to follow under separate agreements.
The construction phase is contingent on several approvals and is expected to begin in Q2 2026, with completion scheduled for 2029.
The total cost of NWTD Stage 1 is estimated at $950m.
Shares at 10:50am were trading 4.69% higher at $2.57.
