Genex Power has reached a crucial milestone with a 15-year power purchase agreement (PPA) with Stanwell Corporation.
According to an announcement by Genex, the long-term PPA guarantees a fixed price for half of the wind energy and large-scale generation certificates output over the 15-year term. The fixed price is subject to annual escalation in accordance with movements in the consumer price index, subject to an annual cap.
The agreement would secure 50 per cent of the 258MW Kidston Stage 3 Wind Project’s generation capacity, cementing the project’s financing structure and confirming its role as the next stage of the Kidston Clean Energy Hub.
Genex CEO Craig Francis highlights the significance of the agreement with Stanwell, noting that it marks a major milestone for the Kidston Stage 3 Wind Project.
“When complete, the project will complete the trifecta of wind, solar and pumped storage hydro technologies all co-located at a single site,” Francis said. v
“Securing Stanwell as the majority off-taker for the Project, a highly reputable entity, underscores the appeal of the generation profile of the Project and Genex’s track record in successful delivery of large and complex renewable energy and storage projects.”
“The agreement with Stanwell provides long-term revenue certainty, which will underpin a substantial project finance facility for construction of the Project. Genex and J-POWER will shortly be commencing engagement with lenders as part of this process as we continue to advance the Project toward a final investment decision in 2024.”