The Kidston Solar stage one project has generated its first revenue following successful transformer energisation.
Electricity produced from the project is now being transmitted into the National Electricity Market (NEM).
Electricity generation will be ramped-up until full capacity has been reached, at which point the 20-year Revenue Support Deed with the Queensland State Government will be initiated.
Genex’s Managing Director, Michael Addison, said the project has now transitioned from being technically operational to commercially active.
“This ground-breaking milestone marks the first earnings for the project and for Genex as a company. This transition from a development company to generating operational cash flows will serve to strengthen our financial position as we seek to reach financial close for our Kidston stage two projects in 2018.”
The Federal Government, through the Australian Renewable Energy Agency (ARENA), has provided $8.9 million in funding to support the construction for stage on of the Kidston solar project in addition to providing up to $9 million in funding to support the development of the stage two.
The Queensland Government has continued to support the development of the Kidston Renewable Energy Hub, providing a 20-year revenue support deed for stage one through the Solar 150 Program, and designating the Kidston Renewable Energy Hub as ‘Critical Infrastructure’ to the state.