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.