Genex Power Limited, an established name in the renewable energy space, revealed its wholly-owned subsidiary’s decision to ink a 10-year power purchase agreement with EnergyAustralia for its 258MW Kidston Stage 3 Wind Project (K3W) in Kidston, Far-North Queensland. The project, a joint venture between Genex and Electric Power Development Co., Ltd (JPOWER), builds upon Genex’s expanding partnership with EnergyAustralia, a leading energy generator and retailer.

A Strengthening Bond with EnergyAustralia

This latest agreement is a testament to the growing alliance between Genex and EnergyAustralia. Notably, it’s the second offtake agreement between the duo, following their collaboration for the Kidston Pumped Storage Hydro project in 2020. Genex’s CEO, Craig Francis, commented, “The execution of this power purchase agreement with EnergyAustralia represents a significant milestone for the development of the 258MW Kidston Stage 3 Wind Project… This latest commitment by EnergyAustralia also attests to the strong track record of project delivery demonstrated by the Genex team.”

Details of the Agreement

EnergyAustralia, which boasts a significant client base of over 1.6 million nationwide, has committed to off-taking 30% of K3W’s energy output and its large-scale generation certificates. The agreed price is fixed and will experience yearly adjustments in line with the consumer price index. The agreement’s execution is conditional on certain precedents, including K3W’s financial close by 31 December 2024.

What Lies Ahead for Genex

While this agreement strengthens Genex’s foothold in the renewable energy landscape, the company is actively engaging with other potential partners to support K3W’s financial structuring. EnergyAustralia’s Managing Director, Mark Collette, expressed his support, saying, “We are pleased to expand our successful partnership with Genex… Both Kidston Wind and the Kidston Pumped Storage Hydro Project are important steps in delivering EnergyAustralia’s purpose to lead and accelerate the clean energy transformation for all.”

The Kidston Clean Energy Hub, with its various stages and the newly secured offtake capacity, signifies Genex’s and its partners’ commitment to driving a more sustainable future.

  EnergyAustralia, Far-North Queensland, Genex Power, JPOWER, Kidston, Kidston Pumped Storage Hydro, Kidston Stage 3 Wind Project, Mark Collette