Genex Power has entered into a binding takeover bid from its Japanese partner J-POWER.
J-POWER is a 50% joint development partner of Genex for its Kidston Stage 3 Wind and Bulli Creek Solar and Battery projects, and holds 7.72% of the Genex Shares on issue. J-POWER also extended a $35 million corporate loan facility to Genex in 2023.
Related article: Japan’s J-Power makes bid to acquire Genex
J-POWER has agreed to acquire all of the ordinary shares in Genex for AUD$0.275 in cash and will make a simultaneous off-market takeover offer for all of the Genex shares for AUD$0.270 in cash, conditional on the scheme not being approved by shareholders at the scheme meeting.
“Genex unanimously recommends the transaction to shareholders, in the absence of a superior proposal and subject to the conclusions of an independent expert,” a spokesperson for Genex said.
Genex has a portfolio of more than $1 billion of renewable energy generation and
storage projects across Australia. The company’s flagship Kidston Clean Energy Hub, located in north Queensland, will integrate large-scale solar generation with pumped storage hydro.
The Kidston Clean Energy Hub is comprised of the operating 50MW stage 1 Solar Project (KS1) and the 250MW Kidston Pumped Storage Hydro Project (K2-Hydro) with potential for further multi-stage wind and solar projects.
Related article: J-POWER and Genex collaborate on Kidston Wind Project
The 50MW Jemalong Solar Project (JSP) is located in NSW and provides geographical
diversification to Genex’s portfolio. JSP was energised in December 2020 and is now fully operational.
Genex’s first battery energy storage system, the 50MW/100MWh Bouldercombe Battery Project (BBP) located in Central Queensland achieved energisation in June 2023 and is now fully operational.
