GENEX POWER LIMITED
- Genex Power Limited has entered into a series of agreements with Electric Power Development Co., Ltd (J-POWER) for a funding package of $44.5 million. The funds will be used to replenish the contingency for the 250MW/2,000MWh Kidston Pumped Storage Hydro Project (K2-Hydro), develop the multi-stage up to 2GW Bulli Creek Solar and Battery Project (BCP), and for general working capital.
- A Corporate Loan Facility Agreement for $35 million has been agreed with J-POWER to provide extra funding for the K2-Hydro contingency and to replenish general working capital. This loan is secured against Genex's equity interests in the BCP and the 258MW Kidston Stage 3 Wind Project, and has a maturity date of 31 December 2026.
- Genex has also entered into a joint development agreement for the BCP with J-POWER. J-POWER will earn a 50% interest in the BCP by providing upfront acquisition funding of $2.5 million and an additional $6 million for third party development costs. Following the utilisation of the initial funding, both Genex and J-POWER will contribute equally to third party development costs related to the BCP.