Australian developer Genex Power Ltd. has received approval from the Northern Australia Infrastructure Facility to continue to the full due diligence phase for its Kidston pumped-storage project, potentially opening the door for NAIF funding.
NAIF is a federal organization that seeks to encourage private investments through its management of nearly US$4 billion in aggregate loans. Information provided by Genex will allow NAIF to make a financing decision.
“NAIF is keen to support infrastructure projects across northern Australia that will generate public benefit and economic and population growth, such as this in the renewable energy sector,” NAIF CEO Laurie Walker said.
Genex is calling the multi-faceted Kidston facility a “Stage 2” project, with a 250 MW closed-loop pumped storage and 270 MW solar installation included in the plan.
The company is currently working to secure offtake and distribution deals, after which point it will submit its application for funding to NAIF. Genex said it hopes to begin construction on the project next year.
It was reported that power and water consulting firm Entura determined 250 MW would be the optimal capacity for the pumped storage component, following a technical feasibility study completed in November. Previous statements indicated Genex had mulled a capacity as high as 450 MW.
The project was declared to be a critical infrastructure project under Queensland’s State Development and Public Works Organisational Act of 1971 in June.