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  1. #71
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    Of late management has made very confident noises that they believe financial close for Stage 2 will be done before Christmas. There are so many pieces that have to fall into place that I am not worried that it takes some time.

    Executive director Simon Kidston said the hydro storage facility was shovel ready and the intention was to start construction in March or April next year.

    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. “Wea re expecting to have this finalised by Christmas,” Mr Kidston said.

  2. #72
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    Just announced. Unfortunately brain has already entered Christmas mode so not a 100% sure yet how positive this is.
    https://www.asx.com.au/asxpdf/201812...508yq8mrly.pdf

    GENEX SIGNS TERM SHEET WITH ENERGYAUSTRALIA FOR
    LONG-TERM HYDRO ENERGY AGREEMENT AND EQUITY INVESTMENT
    Genex Power Limited (ASX: GNX) (Genex or Company) is pleased to announce that it has entered into a non-binding term sheet (Term Sheet) with EnergyAustralia Pty Ltd (EnergyAustralia) in respect of a long-term energy storage services agreement and equity investment in the Company’s 250MW Kidston Pumped Storage Hydro Project (K2-Hydro or Project). Genex is also pleased to provide an update on the progress of the Kidston Stage 2 projects.

  3. #73
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    Key Points of the announcement today:

    Genex signs long term Energy Storage Services Agreement (i.e. Offtake) and equity investment Term Sheet with EnergyAustralia (EA) for the Kidston Pumped Storage Hydro Project (K2-Hydro).

    EA is one of Australia’s leading energy retailers with around 2.3 million electricity and gas customers across eastern Australia.

    EA and Genex will jointly complete development of K2-Hydro.

    EA will have full dispatch rights which will underpin all revenues and support a long-term concessional loan from NAIF.

    EA will provide new equity which will result in a 50:50 joint venture in the K2-Hydro project with Genex.

    The Term Sheet is a strong endorsement from EA of the attractiveness of the Project in the current environment of increasing penetration of renewable energy, and the need for corresponding firming capacity.

    Key milestone to allow construction to commence in H1 2019.

    Term Sheet provides a period of exclusivity to allow completion of final due diligence, long form documentation, final grid connection and final EA Board approval.

  4. #74
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    Quote Originally Posted by silu View Post
    Key Points of the announcement today:

    Genex signs long term Energy Storage Services Agreement (i.e. Offtake) and equity investment Term Sheet with EnergyAustralia (EA) for the Kidston Pumped Storage Hydro Project (K2-Hydro).

    EA is one of Australia’s leading energy retailers with around 2.3 million electricity and gas customers across eastern Australia.

    EA and Genex will jointly complete development of K2-Hydro.

    EA will have full dispatch rights which will underpin all revenues and support a long-term concessional loan from NAIF.

    EA will provide new equity which will result in a 50:50 joint venture in the K2-Hydro project with Genex.

    The Term Sheet is a strong endorsement from EA of the attractiveness of the Project in the current environment of increasing penetration of renewable energy, and the need for corresponding firming capacity.

    Key milestone to allow construction to commence in H1 2019.

    Term Sheet provides a period of exclusivity to allow completion of final due diligence, long form documentation, final grid connection and final EA Board approval.
    Weirdest bit for me was the mention of take overs - not sure if that is smoke before the fire or just a legal requirement to be mentioned.
    “If you are distressed by anything external, the pain is not due to the thing itself, but to your estimate of it; and this you have the power to revoke at any moment.” ― Marcus Aurelius

  5. #75
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    Yeah that's weird mentioning a potential takeover. I want Genex to become a dividend paying powerhouse that will benefit me in my retirement.

  6. #76
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    will you be in 2019 comp silu? close 2 days
    Be aware of wizards, for they are subtle and quick to anger.
    that not forbidden is mandatory.
    Anyone but o'brien

  7. #77
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    Quote Originally Posted by wizAlvin View Post
    will you be in 2019 comp silu? close 2 days
    Thanks for reminding me. Just quickly put in my 5 picks but didn't have time to read up if there's an entry fee. Apologies but I'll check later unless someone kind links direct to the post with the account number.

  8. #78
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    ASZ 2019 competition closing in few hours
    Be aware of wizards, for they are subtle and quick to anger.
    that not forbidden is mandatory.
    Anyone but o'brien

  9. #79
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    Slow but steady progress. Still very upbeat about its prospects.
    Here their latest presentation: https://www.genexpower.com.au/upload..._june_2019.pdf

    Also the AFR reports that Japanese-headquartered J Power is set to buy up to a 19.99 per cent stake in Genex Energy, and will pay a significant premium for the privilege. The deal will be announced as early as Thursday.

    Onwards and upwards. This is a legacy investment for me.

  10. #80
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    I love the market's reaction to the news. Up 18.4% at the moment. If I wouldn't already be totally overweight on GNX shares I would have topped up some more today.

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