ANNOUNCEMENT 24 Mar 2021

The Australian Renewable Energy Agency (ARENA) contributes AUD 47 million (circa USD 35.8 million) to Genex Power’s Kidston Stage 2 Pumped Hydro Energy Storage (PHES) project.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Australian Renewable Energy Agency (ARENA). News. "ARENA commits $47 million to Queensland pumped hydro plant" of 24 March 2021. Available at: https://arena.gov.au/news/arena-commits-47-million-to-queensland-pumped-hydro-plant/

Genex Power. Project. "250MW Kidston Pumped Storage Hydro Project (K2-Hydro)." Available at:
https://www.genexpower.com.au/project-details.html

Inception date: 24 Mar 2021 | Removal date: open ended

Financial grant

On March 24th, 2021, the Australian Renewable Energy Agency (ARENA) announced an investment of AUD 47 million (circa USD 35.8 million) to support Genex Power’s Kidston Stage 2 Pumped Hydro Energy Storage (PHES) project. 

Genex Power Limited is a power generation company focused on renewable energy and storage projects. The PHES will be the first pumped hydro plant constructed in Australia since 1984 with a total estimated budget of AUD 777 million (USD 558.7 million). The project is expected to create 500 construction jobs and support 20 ongoing operational positions. According to ARENA CEO, Darren Miller, the project "paves the way for renewables to play a larger role in Australia’s electricity grid." As Australia transitions more to renewable energy, storage facilities for that energy play an increasingly critical role.

Genex Power Limited previously received a loan from the Northern Australia Infrastructure Facility (NAIF) to begin the initial stages of the hydro energy storage project. Please, see related acts. 

 

The Australian Renewable Energy Agency (ARENA)
ARENA is a publicly financed corporation which, among other duties, provides, funding for research in clean energy; development, deployment and commercialization of renewable energy; and the storage and dissemination of information related to clean energy. 

According to the Australian Renewable Energy Agency Act 2011, the funding regulation of this institution, the resources allocated to ARENA are to be distributed by this agency in the form of grants as well as in whichever form it is decided by the Ministry of Treasury (see related state acts)

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