Genex has received a non-binding, indicative and conditional acquisition bid from Japanese partner J-POWER for 27.5c per share.
Related article: Genex says K2 Hydro on track for energisation in 2024
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.
An initial bid of 24c per share was made but was deemed too low by an independent committee of the board of directors of Genex. J-POWER’s then submitted a revised bid of 27.5c per share.
Genex has now entered into a confidentiality and exclusivity deed with J-POWER and has provided access to a virtual data room for the purpose of facilitating due diligence.
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.
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.
Related article: J-POWER and Genex collaborate on Kidston Wind Project
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.
