Genex Power project gains Prescribed Project status in Queensland
(MENAFN- ProactiveInvestors - Australia)
Genex Power's (ASX:GNX) prospects have been given a big boost today by the Queensland State Government declaring the company's power generation project at the old former Kidston Gold Mine in North Queensland a ‘Prescribed Project.‘
The company's plans involve building a 150 MW staged solar PV project a 330MW hydroelectric power plant and a 185km transmission line from the Kidston Mine to Powerlink’s high voltage transmission network.
The mine is located 270 kilometres northwest of Townsville near the township of Georgetown.
Genex's project and business model is an interesting twist that utilises redundant mining assets and infrastructure already in place mitigating the large capital expenditure costs associated with large scale energy schemes.
This could enable the government to intervene to resolve any delays to timelines for the development and delivery of Genex’s pumped storage hydro and solar projects.
Earlier Genex received development approval for its 150-megawatt Kidston solar project in Queensland which is on track to become the largest solar farm in Australia.
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