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  1. #61
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    Silu, are you still in this?

  2. #62
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    Quote Originally Posted by NZSilver View Post
    Silu, are you still in this?
    Yes still in this. Haven't sold or added anything as I'm waiting on the two big announcements we've been promised by the end of the year. One is the major off-take agreement with a QLD energy provider and financial close on its Stage 2 projects. And you?

  3. #63
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    For those interested - I expect that 80% of the total project costs (about A$516m) comes from the NAIF (Northern Australia Infrastructure Fund) at very favourable rates (interest <4% & long tenor +20y).

  4. #64
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    GENEX ACQUIRES 50MW JEMALONG SOLAR PROJECT IN NSW

    Genex Power Limited (ASX: GNX) (Genex or Company) is pleased to announce that it has today entered into a Sale and Purchase Agreement for the acquisition of the 50MW Jemalong Solar Project development (JSP or Project), located near Forbes in the central west region of NSW (the Acquisition).
    The Acquisition is complementary to Genex’s existing solar and hydro power projects in North Queensland and reflects the Company’s aim to become one of the market leaders in renewable energy and storage development. Genex’s longer-term strategy is to expand its portfolio of assets and diversify into other regions within the National Electricity Market.

    The Project is well-advanced, with all necessary land and development planning approvals secured and significant progress made towards finalising the grid connection works.

    The Acquisition remains subject to a number of Conditions Precedent (CPs) including achieving satisfactory Generator Performance Standard (GPS) approvals from the Australian Electricity Market Operator (AEMO) for the Project. Under the terms of the Acquisition, the vendor will continue to progress the development of the Project including finalising the grid connection negotiations with Essential Energy and AEMO. The Acquisition is contingent upon all CPs being met by the vendor by the end of February 2019.

    During the due diligence process, Genex has consulted with several financiers to inform its financing strategy for the Project. As a result, Genex intends to finance construction either on a solely merchant basis given the strong NSW price forecasts, or under a potential offtake arrangement with the final financing decision to be made closer to financial close.
    It is the Board’s objective to maximise value for existing shareholders and preserve cash with the main focus on fast tracking the Kidston Stage 2 projects to financial close. As such, whilst the majority of the construction funding for the Project will be provided via project finance debt, similar to the 50MW Kidston Stage 1 project, Genex is also considering a range of funding options to fund the balance (including a sell down in project-level interest).





    ASX Announcement 7 September 2018




    Given the Project’s advanced status, Genex anticipates reaching financial close in H1 2019 following the completion of the Kidston Stage 2 project financing which remains the top priority.
    NAB acted as Adviser to Genex for the Acquisition.

    Commenting on the announcement, CEO of Genex Power, James Harding stated:

    “As a result of the strong revenues earnt to date from the Company’s 50MW Kidston Solar Project (KS1), we are able to utilise our cash reserves to diversify our project portfolio into NSW and create a stronger revenue pipeline. The Kidston Stage Two Pumped Storage Hydro and Solar Project remains the principal focus of the Company, and we continue to make significant progress towards finalising the remaining components necessary to achieve financial close. The Jemalong Solar Project offers a good opportunity to create a step change up in revenue and both expand and diversify the Company’s portfolio as we complete the development of Stage 2 at Kidston.
    “On behalf of Genex, we wish to thank the vendor, Vast Solar Pty Ltd, and their adviser, Energy Estate, for the progress to date on JSP and look forward to working with them to achieve the final conditions precedent necessary for financial close”.

  5. #65
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    Updated Company Presentation incl NSW Solar project
    https://www.asx.com.au/asxpdf/201809...7s3vqjs5l9.pdf

  6. #66
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    I woul;d be interested to know the stats on this solar project. It seems a strange purchase to me.

  7. #67
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    Quote Originally Posted by NZSilver View Post
    I woul;d be interested to know the stats on this solar project. It seems a strange purchase to me.
    Seems like GNX have been presented with this opportunity, I feel they have not been looking for this type of purchase, but the numbers must stack up for them.

    I suppose Jemalong provides

    - back up generation if Kidstone goes offline.
    - if the weather is poor in Qland and good in NSW.
    - is closer to Australia largest market.
    - Time, the application process has already been approved. This will cost a premium.

    I suppose i would like details on

    - Cost
    - Funding, Lending.
    - type of alternative generation in the area.
    - type of solar set up.
    - does the the deal include their 6mw concentrated solar thermal power plant.
    - can they expand easily.


    interesting reading

    http://www.vastsolar.com/2017/11/28/...rbes-advocate/

    https://www.australianenergystorage....ndrew-Want.pdf

  8. #68
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    Simon has indicated that they are looking to diversify their portfolio and in my little investment file my Blue Sky predictions was that "Genex could become a major player in the Australian renewable energy sector".

    As carpenterjoe said I think the opportunity presented itself to Genex. Vast Solar seems to be purely a developer of solar projects but not an operator. They are invested in Concentrated Solar Thermal Power and have realized that Jemalong is not a suitable site for this type of project. By selling they can use those funds to develop their technology elsewhere.

    So Genex who is currently negotiating funding for Kidston Stage 2 realizes that with all the hard work already done on this project and if the numbers stack up and even if LGC prices go down to zero they could still get $10m pa for this project. But I guess the proof will be in the detail but with having a good board with sufficient background in banking I trust that the right decisions will be made.

    Now bring on Stage 2! I hear the shovels are ready.
    Last edited by silu; 09-09-2018 at 08:33 AM. Reason: grammar

  9. #69
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    https://www.afr.com/news/politics/no...0180907-h152ur
    Coalition urges NAIF to spend up before election

    STMOD SAYS DO NOT COPY AND PASTE ENTIRE ARTICLES

  10. #70
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    Not necessarily connect to GNX (yet) but State governments have enough of the horrible Coalition government which still operates in the 20th century energy-wise.
    https://reneweconomy.com.au/nsw-laun...eration-89992/
    NSW launches emerging energy program to replace coal generation

    GNX only exposure to the NSW energy market at the moment is through its proposed 50MW Jemalong Solar project.

    discl. still hold a large parcel. Waiting patiently on Kidston Stage 2 announcements
    Last edited by silu; 01-11-2018 at 10:02 AM. Reason: grammar

  11. #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.

  12. #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.

  13. #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.

  14. #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

  15. #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.

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