PRESS RELEASE
Genex Power Limited (ASX: GNX) (Genex or Company) is pleased to announce that it has secured all environmental approvals required to develop the Kidston Pumped Storage Hydro Project (K2-Hydro or Project).
The approval process was facilitated by the Office of the Coordinator General, a benefit provided to the Project following the Coordinated Project declaration by the Queensland State Government in October 2018 under the State Development and Public Works Organisation Act 1971 (Qld) (refer ASX announcement 02.10.2018).
Genex notes the positive statements from the Coordinator General’s evaluation of Genex’s K2-Hydro Project in granting the final approval, including that the project would:
.support the Queensland Government’s target of generating 50 per cent of Queensland’s
.electricity needs from renewable energy by 2030;
.add stability and strength to the North Queensland network;
.reduce the need to import excess electricity from neighbouring regions; and
.contribute to the Australian Renewable Energy Target and the development of a Renewable Energy Zone in Far North Queensland.
Commenting on the announcement, CEO of Genex Power, James Harding stated:
“Genex is very pleased to finalise the environmental approvals for the K2-Hydro project and allow efforts to be squarely focused on achieving financial close. Genex wishes to thank the Office of the Coordinator General for assisting with the approvals process and for the strong support shown to date for the development of the Project”.
