Genex Power has announced it has completed the acquisition of the 50MW Jemalong Solar Project (JSP) located near Forbes in the central-west region of NSW. In addition, the company is refinancing its 50MW Kidston Stage 1 Solar project (KS1) in conjunction with financing for JSP.
JSP is complementary to Genex’s existing solar and hydro power projects in North Queensland and reflects the company’s aim to become a diversified renewable energy and storage operator in Australia.
Genex says the critical elements of JSP are now in place, including GPS approval from the Australian Energy Market Operator and a firm offer to connect from the network service provider Essential Energy.
Genex now aims to rapidly complete the development and financing of the project with a view to start construction mid-2019.
Project financing for JSP is currently underway, with NAB as the financial advisor on the financing of JSP and refinancing of KS1.
Construction of JSP is expected to occur over a 12-month period, resulting in first generation in 2020.
Related article: Kidston Solar Project triples revenue in three months