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  1. #51
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    Another important milestone has been ticked off today. Not long until power generated by Solar Stage 1 will be dispatched into the grid.

  2. #52
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    All-time high close of 36c today. Very happy with the return of my largest investment.

  3. #53
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    Genex is starting to generate revenue!! A great step for the company and so far they have been delivering on their promises. 2018 will be an even more exciting year with the hopefully financial close of the Pumped Hydro project. In the meantime very happy with my +108%

  4. #54
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    Quote Originally Posted by silu View Post
    Genex is starting to generate revenue!! A great step for the company and so far they have been delivering on their promises. 2018 will be an even more exciting year with the hopefully financial close of the Pumped Hydro project. In the meantime very happy with my +108%
    We have been some of the most vocal supporters of them! Glad to see it actually all up and running - bring on stage 2!! This is a prime difference of capital actually making a difference compared to some of the shell companies that just pay director fees with capital.
    “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. #55
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    Article of Interest:

    http://reneweconomy.com.au/kidston-s...erchant-84317/
    Giles Parkinson
    Kidston solar farm lays out case for "going merchant"

    It is rare to get an insight into the actual financial mechanics of Australia’s solar farms, given so few have actually finished construction, but the latest update from Genex Power, the owners of the new 50MW Kidston solar farm, makes for interesting reading.

    It underlines why some developers and investors in Australia are prepared to take the risk on “going merchant” – in other words, selling the output of the electricity and large-scale renewable energy certificates into the spot market, rather than contracting to a third party.

    Most large-scale solar and wind developers are going the contracting route – simply because of the scale of the investment.

    Projects such as the Stockyard Hill, Murra Warra, Silverton and Cooper’s Gap wind farms are selling both the electricity and LGCs for a combined package of $60/MWh, or even less. That’s much lower than recent wholesale prices, and indicates zero value on the subsidy.

    Those brave enough, or with the access to finance, are going the merchant route – which offers the prospect of big returns, at least for the current and near future years when wholesale prices and LGC prices are set to remain high.

    The early returns for the Kidston solar plant indicate how. It is not yet at full capacity, but its early output since it began generation in December indicates a healthy return.

    Screen-Shot-2018-03-26-at-11.58.19-AM.png

    In March, for instance, actual and anticipated revenue till the end of the month is around $150/MWh, likely split around 50/50 between wholesale price and LGC prices.

    (And this is despite the government order to state-owned generators to keep a lid on wholesale prices).

    Genex director Simon Kidston also said that the solar farm is so far performing ahead of expectations and beating its anticipated “capacity factor” of 33 per cent. It is using First Solar Series 4 panels, a single axis tracking system from NextTracker, and SMA inverters.

    This revenue bonus will not last, however.

    The Kidston solar farm has so far installed around 45MW, but once it is fully complete – expected around July – a power purchase agreement with Queensland comes into force.

    This will mean it will deliver output to Queensland under a “contract for difference” that includes an undisclosed floor price, while the LGCs are surrendered at no cost to the government.

    Genex will then embark on the next stages of it Kidston project, including another 270MW of solar and a 250MW pumped hydro facility, located in the neighbouring abandoned gold mine of the same name, with around 10 hours of storage.

    Genex says it is actively talking to other parties about financing for those projects.

    Other solar farms are also going down the merchant route, but even if they can cash in on high wholesale prices and high LGC prices this year and next, the party won’t last long.

    Wholesale prices are tipped to fall – some say dramatically, others say not quite so much – as the current boom in wind and solar farm construction delivers completed output, and increased generation, to the grid.

    Also, as the large scale renewable energy target of 33,000MWh gets closer to being met, then the high prices that results from the three-year investment drought caused by the Coalition’s review of climate and energy policies, will quickly subside.

    Estimates of the price of LGCs between 2020 and 2030 differ. Some say the price could be close to zero, but analysts and developers say that any price signal is likely to be low.

    That, of course, is yet to be taken into account from the absurd predictions from the likes of the Institute of Public Affairs and the Murdoch media that continue to use a $60 billion figure to describe the cost of subsidies from the RET.

    The IPA/Murdoch media figure dials in an estimated cost of around $80/MWh for each renewable energy certificate generated over the length of the scheme, all the way out to 2030. And that assumption is patently ridiculous and wrong.
    Last edited by silu; 27-03-2018 at 08:05 AM.

  6. #56
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    Genex just announced that they have secured the exclusive option to develop a wind project at Kidston of up to 150MW.

    This is no one trick pony. Management has also mentioned now several times that they are looking at additional projects.

  7. #57
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    Very informative interview with Simon Kidston about their Renewable Energy Hub. Looks as us investors can expect financial close on the Pumped Hydro and additional Solar within the next 4-6 weeks. Lots of points covered here for investors:
    https://reneweconomy.com.au/podcast/...9dc7f-40405677

  8. #58
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    Not that I was worried too much but finally NAIF (Northern Australia Infrastructure Facility) has provided Genex with an indicative term sheet for up to $516m of concessional debt funding for the Pumped Hydro project.

  9. #59
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    If you want to read more here:
    The listed company Genex has been told by the Northern Australia Infrastructure Facility (NAIF) that it could receive $516 million in concessional finance for its world-leading solar and pumped hydro storage project in north Queensland.

    The project – the first of its scale to combine solar and pumped hydro – will be located in the former Kidston gold mine, where water will be stored in disused pits, providing 250MW of capacity and up to eight hours storage.

    This will be combined with up to 270MW of large scale solar – on top of the 50MW already built – and possibly another 150MW of wind, creating a large scale renewable energy hub that is fully dispatchable, or even what some like to call “base-load”.

    NAIF has come under intense scrutiny – mostly for its consideration of funding for the controversial Adani coal project, but also because in three years it has made only a few small scale commitments.

    The $516 million loan it is making to Genex is for a term of 20 years at concessional interest rates, and will account for the bulk of the project debt funding.

    “This is a significant milestone in the development of the project,” the company says.

    James Harding, the CEO of Genex, said final details of the loan, and the rate to be charged, would be negotiated over coming months, with financial closure expected laster this year.

    Laurie Walker, the CEO of NAIF, said the “indication of this support” will assist Genex to advance its discussions with other project counterparties and to “prove up” the Project fundamentals.

    “This is a demonstration of how NAIF can work with stakeholders to help them understand how its concessional financing can support the development of a project which has the potential to provide substantial benefits to Northern Australia.

    “NAIF sees the Project as important for the transition of the market to lower emission renewable energy sources, and the board’s preparedness to consider a capital commitment of the size referred to in this announcement reflects the alignment of this type of project with NAIF’s objective to contribute to the transformation of Northern Australia through infrastructure development.”

    The loan is subject to a number of conditions and customary terms for a project financing term sheet, including:

    negotiating offtake arrangements and grid connection for energy and dispatch rights for the Project to the satisfaction of NAIF;
    concluding a cost benefit analysis in accordance with the provisions of the NAIF Investment Mandate, which will be important in determining the level of concessionality that NAIF can offer the Project;
    finalising terms for senior debt funding;
    securing the balance of equity funding from an acceptable equity partner;
    due diligence on a range ofpProject issues;
    negotiation and execution of project and facility documentation; and
    final NAIF credit approval and Board Investment Decision.

  10. #60
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    PM Turnbull gives Genex a shoutout about 21 minutes into this speech:
    https://www.news.com.au/video/id-534...sive--Turnbull

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