Genex Power names new CEO to lead big battery and pumped hydro charge

Australian listed renewable energy developer Genex Power will have a new CEO come spring, with the appointment of Craig Francis to the top job announced by the company this week.

Genex says Francis, currently the company’s CFO, will take up the new role from September 1, following the August 31 retirement of James Harding after five years as CEO. The search for a new CFO is underway.

The changing of the guard comes as Genex prepares to power up its first big battery, the 50MW/100MWh Bouldercombe battery project near Rockhampton in Queensland.

As RenewEconomy has reported, this is a big deal for Genex, with the Bouldercombe BESS – only the second large-scale energy storage system to be installed in the Sunshine State – expected to become the company’s next big earner.

That’s because Genex has what it calls a “unique” arrangement with Tesla that effectively guarantees minimum revenue and share in higher profits. Tesla will operate the battery using its Autobidder software, which will also help to maximise revenues.

The flagship project in the Genex portfolio, however, is the Kidston pumped hydro project, a 250MW, eight hour storage facility that is the first of its type built in Australia for decades, and the first of this scale built by private owners.

“As Genex approaches energisation of our Bouldercombe Battery Project this quarter and our Kidston Pumped Storage Hydro Project next year, it is entering the next phase of maturity and growth,” said Harding in a statement on Wednesday.

“We have a strong team in place across all parts of the business, so the time is right for me to take a step back.”

Genex says Harding will continue to support Genex as a consultant following his retireming, to ensure a smooth transition period.

Genex said last month that construction at the K2-Hydro Project continues to progress, with key work focused on the commencement of the powerhouse cavern and excavation of the Main Access Tunnel as well as the Wises Dam which will be the upper reservoir. The bottom reservoir is the former open pit gold mine at the site.

The project is said to be on schedule for “energisation” in the second half of calendar 2024. Meanwhile it expects to make a decision on the 258MW Kidston wind project later this year, and it is also working on the proposed 2GW battery and solar project at Bulli Creek that it now owns.

Genex chair Dr Ralph Craven on Wednesday praised the incoming CEO, Francis, for his “deep financial acumen, intricate knowledge of the energy sector and collaborative leadership style.”

Craven said Francis has guided the successful execution of multiple project finance programs, including for the K2-Hydro Project.

“I would also like to acknowledge James’ significant contribution to Genex’s development over the last seven years, including five as CEO,” Craven said of the outgoing chief.

“James has led our transition from an early-stage development company to a significant Australian renewables player with material revenue generation, an expanded portfolio of renewable assets and what is soon to be the first pumped storage hydro facility in Australia in over 40 years.

“He has been instrumental in setting and implementing our strategy to play a leading role in Australia’s transition to a clean energy future,” said Craven.