FUNDING for Genex Power’s pumped hydro storage facility at its Kidston project in North Queensland is expected to be finalised by the end of the year.
The Townsville Bulletin is reporting, Financial close of stage two of the project is Genex’s “top priority”.
Executive director Simon Kidston has stated the hydro storage facility was shovel ready and the intention was to start construction in March or April 2019.
He said Genex was negotiating an arrangement with a major energy company to operate the hydro plant, the company would then pay a rental payment to Genex, which would help the project get to financial close.
Mr Kidston said they would source as many of the 500 jobs locally but would look to Townsville as a fly-in, fly-out hub for the project.
In September, the development was declared a co-ordinated project by the Queensland Government, which will help fast-track construction.
Besides the hydro facility, a solar farm already exists at the Kidston project, about 270km north west of Townsville.
It had been fully commissioned and was providing stable electricity to the grid.
The next stage of the project is a potential wind farm, with a feasibility study underway into its potential.