April 8 (Renewables Now) - Genex Power Ltd (ASX:GNX) today said it has secured all needed environmental approvals for its 250-MW pumped storage hydro project in Queensland, known as K2-Hydro.
The particular project is part of the Kidston renewable energy hub in far-north Queensland and will be integrated with a solar project of up to 270 MW (K2-Solar) that is currently being developed. The hub consists of a 50-MW operating solar project and also has a wind project of up to 150 MW under feasibility.
The environmental approvals for K2-Hydro will allow Genex to concentrate solely on achieving financial close on the project, said CEO James Harding. The developer previously said it aims to reach financial close on both K2-Hydro and K2-Solar in the first half of 2019, while commissioning is planned for 2022.
At end-2018, Genex unveiled a non-binding deal with EnergyAustralia that gives the energy retailer exclusive rights to sign an off-take agreement for the K-2 Hydro project and make an equity investment in the scheme. No further information has been released since then.