NAIF Board approves $610m for Kidston Hydro

Kidston Pumped Hydro Storage Project. Image: Genex

Genex Power has announced the Northern Australia Infrastructure Facility (NAIF) Board has made an investment decision to offer finance for the Kidston Stage 2 Pumped Storage Hydro Project (K2-Hydro) through the provision of a debt facility for up to $610 million.

Since Genex first announced the involvement of NAIF in the company’s K2-Hydro project, Genex as worked closely with the NAIF team to complete the due diligence required for the NAIF Board to consider an investment proposal.

The financial close process for K2-Hydro is advancing rapidly, with the Genex Board confident it will be in a position to reach financial close in the third quarter for this year. Genex CEO James Harding has set the date as September 30.

NAIF’s investment decision is subject to further government approvals.

NAIF CEO Laurie Walker says the Kidston project investment represents just over 12 per cent of NAIF’s total $5 billion facility.

“Energy storage facilities have a significant role to play in Australia’s transition to a low emissions, low cost energy future,” Ms Walker says.

Related article:Kidston Hydro Project unlocks half-a-billion-dollar loan