$25m investment into Kidston Pumped Storage Hydro Project

A MULTI-million dollar investment by a Japanese energy company will help bring a hydro energy project north of Townsville online.

The Townsville Bulletin is reporting that Electric Power Development Co Ltd, trading as J-POWER, has agreed to a $25 million conditional investment into Genex Power. The money will mainly be used to fund the Kidston Pumped Storage Hydro Project.

The hydro project would be part of the Kidston Renewable Energy Hub about 270km northwest north of Townsville.

A solar project is already at the site and Genex hopes to add more solar and wind to the hub in the future.

Genex chief executive officer James Harding said there would potentially be 300 construction jobs as part of the hydro project, with more available to establish a Powerlink transmission line.

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