Renewable Energy: Growth Sector

Genex, a developer of renewable energy and storage spaces has secured a $35 Million debt facility to construct its first large battery focused project in Queensland.

The Genex deal includes a revenue sharing component with Tesla who will be supplying Megapacks for the big battery system.

According to Renew Economy,

Genex said on Monday it has secured a $35 million debt facility from infrastructure investor Infradebt to fund the construction of the 50MW/100MWh Bouldercombe battery, and is seeking an equity raising for up to $50 million to finance this and other big battery projects.

The deal with Infradebt includes a long-term partnership to finance further big battery projects in Australia that will operate on a merchant basis.

“We are extremely pleased to have reached an agreement with Infradebt for the $35m debt facility for the Bouldercombe Battery Project,” Genex CEO James Harding said in a statement to the ASX on Monday.

“The debt facility allows Genex to retain upside exposure to the attractive economics of energy storage and maximise the economic returns of the project which was an important factor when we considered the appropriate level of gearing and counterparty for the project.”

The article continues:

Genex already has portfolio of two large-scale solar projects – the 50MW Kidston solar project and the 50MW Jemalong solar project – and recently commenced construction of its flagship 250MW/2,000MWh pumped hydro energy storage project at Kidston.

The full article can be accessed here.

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