November 12, 2019 / 11:53 PM / a month ago

Australian government extends offer to fund Genex's pumped hydro project

Nov 13 (Reuters) - Australian power generation company Genex Power on Wednesday said the government’s Northern Australia Infrastructure Facility (NAIF) has extended the date of its offer to fund the company’s hydro project until June 30, 2020.

The government body had initially made the offer for funding the Kidston Stage 2 pumped storage hydro project to Nov. 30.

The offer, however, remains subject to finalisation of the Queensland state government’s review of the project.

Shares of the company took a hit earlier this month after it failed to secure a power sale agreement with EnergyAustralia, pushing the financial close of the project back, which in turn rendered NAIF’s offer of A$610 million ($418.16 million) in funding under its previous timeframe void.

The project, which Genex plans to build at an abandoned gold mine in northern Australia, is a large-scale renewable energy facility, regarded as the most promising of a range of pumped hydro projects.

Pumped hydro energy storage acts like a giant battery, pumping water uphill when energy is abundant and releasing it to create power at night or on a windless day.

$1 = 1.4588 Australian dollars Reporting by Shreya Mariam Job in Bengaluru; Editing by Sam Holmes

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