Genex Power’s Kidston Solar Project in North Queensland has tripled its revenue since switching on in December.
The 50MW project has earned revenue of $3.8 million and has generated close to 10,000MWh of power since it began operating.
When it was switched on in early December last year, the solar farm generated 3126MWh and $481,867 in revenue from the sale of electricity into the NEM as well as from the sale of Large-Scale Generation Certificates (LGCs).
The figures have grown steadily month-by-month, with the project generating 9223MWh and $3,794,528 in March.
“With the 50MW solar farm ticking along generating revenue, the company’s prime focus is on reaching financial close for its stage 2 projects,” Genex managing director Michael Addison said.
“The company is actively speaking with a number of parties regarding financing discussions and will update the market in the near term.”
The project is now it its final testing and commissioning stage with generation now at 45MW.
It is anticipated the project will reach substantial completion in April and practical completion in July.
The $126 million Kidston Solar Project, located on the site of the Kidston Gold Mine, is part of the company’s Renewable Energy Hub.
The second stage of the project will include 270MW of solar co-located with the 250MW Kidston Pumped Storage Hydro Project.