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WATTS NEWS Week Ending 3 September 2021

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WATTS NEWS Week Ending 3 September 2021 WATTS NEWS Week ending 3 September 2021 Important AltEnergy Service Update We would like to inform subscribers of a number of changes to our service. Following careful analysis and consideration by the AltEnergy team we have decided to increase exposure of our Industry Directory by making it public access, not behind a paywall, so no subscription is required to access it. As a consequence all AltEnergy subscriptions will be consolidated into one product, the AltEnergy Service, at a single cost of $24.50. Find out more details here. In this week’s edition… • Proposed Port Kembla power station declared critical • NEW PROJECT: Pine Ridge Solar Farm • Genex Power FY21 statutory results • Looking for experienced EPC contractors for 5MW project in Australia • PROJECT NEWS: Metz Solar Farm • Amp Energy Agreement for Lease with the Barngarla People of South Australia • NEW PROJECT: Moah Creek Renewable Energy Project • Purchase agreements executed for first two BOO sites • Reliability outlook positive as energy transition accelerates • VRET2 • Contact Energy to supply ‘flexible’ renewable electricity for new data centre near Clyde Dam • Octopus Australia to acquire 180MW Dulacca Wind Farm from RES • NEW PROJECT: Bulahdelah Solar and Storage • Vestas secures 181 MW deal for Dulacca Wind Farm in Australia • Siemens' string inverters is ON! powering Solar Farm in WA mine • PROJECT NEWS: Aurora Energy Project • Financial close for 396MW Rye Park Wind Farm • PROJECT NEWS: Kumbarilla Renewable Energy Park • Energy market on track for Five-Minute Settlement rule commencement • Introducing legislation to unlock investment in offshore energy projects • Star of the South welcomes historic moment for offshore wind in Australia Proposed Port Kembla power Infrastructure (CSSI), given its importance to renewable energy capacity in NSW. station declared critical 27 August Deputy Premier John Barilaro said this is a A proposed $1.3 billion hydrogen-gas turbine massive step towards safeguarding the state’s power station in Port Kembla has been future energy security, while providing jobs declared Critical State Significant during challenging times. Projects highlighted in red appear in our database Page 1 “The Port Kembla power station will be a “If approved, the dual hydrogen-gas design of gamechanger, not just for NSW but Australia,” this project will create early demand for the Mr Barilaro said. green hydrogen needed to decarbonise the State’s heavy industries and set them up to “It will provide the energy capacity our state succeed in a low carbon global economy.” needs as existing coal-fired power stations reach their end of life, and household power The proponent can now request assessment bills will be the big winner as the project requirements to prepare an Environmental maintains downward pressure on prices.”. Impact Statement (EIS), which will be subject to extensive community consultation and a full “The proposed dual-fuel power station, environmental assessment. If approved, the combining gas and green hydrogen, is the right new power station could be completed by project at the right time, and its CSSI 2024. declaration is another example of the NSW Government’s determination to forge ahead Source: NSW Government with a project that helps encourage other businesses to invest with confidence in the Illawarra.” NEW PROJECT Pine Ridge Solar Farm Minister for Planning and Public Spaces Rob Location: Cartwrights Lane, Wyalong, NSW Stokes said the proposed power station would Capacity: Less than 5 MW produce up to 635 megawatts of electricity on Developer: Providence Asset Group demand and create 700 construction jobs. Status: Development application being assessed by state government “If approved, the Port Kembla power station LGA: Bland Shire Council will be a critical part of the NSW energy mix as Description: The Pine Ridge Solar Farm we move to cleaner, greener renewables by proposal includes a no larger than 5 MW grid- firming up supply and keeping energy prices connected solar PV installation connected to low,” Mr Stokes said. an existing Essential Energy Zone Substation, approximately 1.75km north-west of the “The NSW Government has a secure plan for proposed development site. The proposed the transition to renewables and the Port development aims to erect an estimated Kembla proposal should be declared CSSI 13,020 solar PV panels with a nameplate rating because it will be vital to achieving a low- of 540W installed on 165 ground mounted carbon emissions based economy. single axis trackers. Other electrical generation infrastructure is proposed on the site including “Port Kembla is one of the State’s most a Power Conversion Station (PCS) consisting of valuable industrial hubs and provides local inverters, transformer switchgear and auxiliary employment. The proposed gas turbine will plant. support 35 jobs once up and running.” Contact: Henry Sun Chief Executive Officer Minister for Energy and Environment Matt Providence Asset Group Kean said the proposed power station had Tel: (02) 9264 9889 committed to using up to 50 per cent green Email: [email protected] hydrogen. “Port Kembla is the industrial engine room of our economy and one of the first hydrogen hubs in NSW,” Mr Kean said. Projects highlighted in red appear in our database Page 2 Genex Power FY21 statutory – The funds raised includes a $25M Share Subscription Agreement with J-POWER in May results 2021 resulting in J-POWER holding 10% 27 August ownership in the Company. Genex Power Limited (ASX: GNX) (Genex or the • Net cash as at 30 June 2021 of $45.4M Company) is pleased to provide the following leaving Genex in a strong cash position to fund update on the Company’s performance for the the development of the K2-Hydro project and 2021 financial year (FY21), a period of advancement of the Bouldercombe Battery significant achievement for the Company. We Project (BBP). energised the 50MW Jemalong Solar Project (JSP) and commenced construction on our JEMALONG IMPAIRMENT flagship Kidston Pumped Storage Hydro • Impairment of $16.5M on the Jemalong asset Project (K2-Hydro). The development of these as a result of a decline in wholesale electricity projects, coupled with our existing 50MW prices, and the requirement of technical Kidston Solar Project (KS1) and extensive accounting standards to consider the asset on growth portfolio, positions the Company as a a standalone basis outside of its portfolio leader in the renewable energy generation and financing arrangements with KS1: storage markets in Australia. – Impairment is not a reflection of the operational performance of JSP which has FY21 FINANCIAL HIGHLIGHTS been exceeding expectations since • Total generation totalling 132,853MWh a energisation; and 14% increase on the prior period (FY20: – The impairment will have no impact on any 116,520MWh); covenants associated with the JSP financing • Total revenue of $21.7M a 77% increase on nor impact the current financing which is due the prior period (FY20: $12.3M). FY21 total to expire in 2024. revenue included a $7.9M of ARENA Convertible Note forgiveness and $2.6M from OUTLOOK the UGL settlement; Genex is in a strong position to deliver on our • Sales revenue of $10.6M (up 3.7% versus growth ambitions. Our projects are positioned FY20) excludes commissioning revenue from to deliver clean, renewable power that will the Jemalong Solar Project (JSP). JSP will help Australia meet its renewable energy contribute meaningfully to revenue and targets. The increasing impact of intermittent cashflow from FY2022 onwards; power on energy prices highlights the need for • Underlying EBITDA of $1.8M (up 3% vs FY20) large scale storage options such as K2-Hydro as the result included operating costs and the BBP. Over the remainder of FY2022, associated with construction commencing at the Company will continue to focus on: K2-Hydro in Q4 FY21; • Construction activity at the K2-Hydro Project; • The Australian Renewable Energy Agency • Development of the BBP with construction (ARENA) committed $47M in grant funding for anticipated to commence during the year; and the K2-Hydro project, and converted the $9M • Progression of our K3-Wind Project, with in development funding previously provided activities to centre on planning approvals and for the project into a non-recoupable grant; proving up the wind resource for the Project. • Net cashflow outflow from operating activities of $4.8M (outflow of $4.1M in FY20). Commenting on the FY21 financial results, During the year the company spent $153.1M of Genex CEO, James Harding said: capital on property plant and equipment “In the past 12 months the Company has associated with the development of JSP and progressed and delivered on a number of construction associated with K2-Hydro; major milestones. During the year we executed • During the period, the Company raised a total the construction and finance documentation of $139M, issuing a total of 668,058,690 new for our flagship Kidston Pumped Storage Hydro shares to progress the development of Genex’s Project, and in doing so, secured all of the portfolio of renewable energy assets: Projects highlighted in red appear in our database Page 3 funding required to construct the Project. With Looking for experienced EPC activity steadily ramping up at site, Genex is now firmly focused on the delivery of this contractors for 5MW project in Project through the construction phase, with Australia commissioning and operations to commence I am currently assisting Ramahyuck District in late 2024. When in operation, K2-Hydro will Aboriginal Corporation to develop a 5 MW be the first pumped hydro project in Australia solar Farm (the Ramahyuck Solar Farm) in the in 40 years, and the third largest electricity Gippsland region of Victoria, Australia. storage facility. One of the key points of difference of the The 50MW Jemalong Solar Project was project is that it is not being driven by profit, developed on time and budget, remaining the income generated is intended to fund relatively unaffected by the COVID-19 social needs (health services and employment) pandemic.
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