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K3W is being developed by Genex in a 50:50 partnership with Electric Power Development Co., Ltd (J-POWER).
The deal represents the second offtake that Genex has signed with EnergyAustralia, following the execution of the Energy Storage Services Agreement for the 250MW Kidston Pumped Storage Hydro project in 2020.
The agreement secures the offtake of 30% of the Project’s output of wind energy and large-scale generation certificates at a fixed price, over a 10-year term from commencement of operations.
Genex CEO Craig Francis said, “The execution of this power purchase agreement with EnergyAustralia represents a significant milestone for the development of the 258MW Kidston Stage 3 Wind Project, the third stage of the Kidston Clean Energy Hub. Securing 30% of the offtake capacity of the Project with such a high- quality partner in EnergyAustralia, signifies a material step in mitigating project risk.
“We are pleased that our partnership with EnergyAustralia has continued to strengthen with the addition of this offtake agreement, building on the foundations established in 2020 with our 30-year agreement for the Kidston Pumped Storage Hydro Project. This latest commitment by EnergyAustralia also attests to the strong track record of project delivery demonstrated by the Genex team.
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“We look forward to building on this milestone alongside our partner J-POWER as we continue to de-risk the project and progress it toward financial close in 2024.”