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Genex Power executes major hydro project
International law firm Baker McKenzie has advised Genex Power on the construction, operation and project financing of its 250-megawatt Kidston Pumped Hydro Project.
Emma Musgrave
Firm: Baker Mckenzie (Genex Power Limited).
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Deal: Genex Power Limited has been advised on the execution and contractual closing of its major project construction and operation documents for the financing of the 250-megawatt Kidston Pumped Hydro Project.
Value: As per a statement from Baker McKenzie, financing for the project “will be provided by the Northern Australian Infrastructure Facility through a loan of up to $610 million as well as a contribution of $47 million in grant funding from the Australian Renewable Energy Agency”.
“Genex will contribute $120 million in equity that includes an investment by J-Power of $25 million in Genex”.
Area: Banking and finance, construction, energy and resources.
Key players: The Baker McKenzie team was led by partner Tanya Denning, with support from partner Howard Fraser, special counsels Denva Poyntz, Sarah Merrett and Lauren Kirkwood, senior associates Mike Webb, Simon Ni and Robert Gough, and associates Declan O'Donahue, Meryl Liew and Harrie Bantick.
Deal significance: The Kidston Pumped Hydro Project is located in Far North Queensland and is anticipated to commence construction by the end of the month.
“A joint venture comprising McConnell Dowell Constructors (Aust.) Pty Ltd and John Holland Group Pty Ltd will be responsible for the engineering, procurement and construction of the pumped hydro storage plant, including construction of the dam, underground and waterway civil works, and the full powerhouse fit-out,” Baker McKenzie added.
“The project will be the cornerstone of Genex’s flagship Kidston Clean Energy Hub, which currently includes a 50MW solar project and has expansion plans for a second 270MW solar farm and a 150MW wind farm.”
Commenting on the transaction, Baker McKenzie lead partner Ms Denning said: “We are excited to see the culmination of Genex’s vision to transform a former mine pit into the first pumped hydro energy storage project deployed in over 35 years, become realised in the important milestone of contractual close for the project and its financing. This is a landmark project that will be pivotal in securing reliability of supply and for power system security in the National Electricity Market”.
“It’s been a pleasure to have been able to assist Genex with such a landmark project. Congratulations to Genex and all stakeholders for reaching this important milestone,” Mr Webb commented.
