Final Delivery to the 175 MW Finley Solar Farm Project
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Project Update Week ending 18 April 2019 Genex executes connection agreement with Essential Energy for the 50MW Jemalong Solar Project 15 April Genex Power Limited (ASX: GNX) (Genex or connection agreement with Essential Energy for Company) is pleased to announce that it has the Jemalong Solar Project and secure our Project entered into a binding connection agreement within the NEM as a committed generator. In a with Essential Energy, responsible for one of short amount of time, we have already Australia’s largest electricity distribution established an excellent relationship with networks, for the 50MW Jemalong Solar Essential Energy and look forward to working Project (JSP or Project) in New South Wales. together over the coming weeks and months. The connection agreement, which was We are also pleased to report that the entered into by Genex’s wholly-owned refinancing activities of KS1 and project subsidiary Jemalong Networks Pty Ltd as financing activities for JSP continue to trustee for Jemalong Networks Trust, allows advance as scheduled. Genex remains on for the connection of the Project into the track to reach financial close for both of these National Electricity Market (NEM) via Essential projects by the middle of the year, Energy’s distribution network. The connection establishing our position as a key renewable point will be located at the existing West energy developer in the NEM as we continue Jemalong 66/11kV Zone Substation, situated to expand our portfolio.” within close proximity to the Project site, minimising construction cost and time. Source: Genex Power The execution of the agreement means the PROJECT NEWS Project is now classified as a committed Yatpool Solar Farm generator, with its position secured within the Developer BayWa r.e. applied for a licence to NEM. Being confirmed as a ‘committed generate and sell electricity from its Yatpool generator’ enables the Company to now focus Solar Farm located approximately 20km its attention on remaining activities, including: south-west of Mildura, Victoria. The 106.4 advancing engineering, procurement and MW DC/81 MW AC solar farm features construction, contractor discussions and 327,613 Astronergy polycrystalline modules, completing the refinance of the 50MW 36 central SMA inverters, Nextracker’s single Kidston Solar Project (KS1) and project axis solar tracking system and one 100MVA financing for JSP by mid-2019. transformer. Beon is the EPC contractor, while BayWa r.e. intends to oversee the Operations Commenting on the milestone, Chief and Maintenance of the project for the next Executive Officer of Genex, James Harding 10 years. stated: “We are very pleased to execute the Page 1 (Click on relevant project links to go to online Project Database) Solar Pile International “This is an exciting project, which is consistent with our plans to continue to invest in our contracted for the 333 MW core energy markets business as customer Darlington Point Solar Farm needs and technologies evolve. The Solar Pile International (SPI) team is proud to announce our appointment to “If we proceed and the project is approved, it supply the total piling needs of the 333 MW would be an important addition to our Darlington Point Solar Farm project in NSW, technology mix in South Australia, where we Australia. have significant wind and thermal generation. It would help us to meet the changing needs SPI have once again partnered with global of the South Australian energy market, in EPC, Signal Energy, to provide 117,500 piles which energy storage assets are likely to be for supporting and managing the applied needed to provide dispatchable capacity as loads of single axis solar trackers. renewables generation increases over coming years.” The project covers 975 hectares and is located approximately 10 km south of the town of Mr Wrightson said the signing of binding Darlington Point in Western NSW. The Solar agreements was the start of a multiple stage Farm will produce enough electricity to power process to progress the project, including the over 115,000 homes throughout NSW and will lodgement of a development application in employ approximately 300 personnel during 2020. AGL would buy the land required for the construction. project from Hillgrove shortly after a final investment decision, which is expected to be We are excited to work further with major made after the completion of processing at solar utilities EPC, Signal Energy and we once Kanmantoo. again look forward to contributing towards a cleaner world for all. “If all approvals are received, we expect the project to be complete and operating by Our recyclable piling technologies are 2024,” Mr Wrightson said. determined and tuned to the specific needs of a given solar farm site to ensure optimum Source: AGL Energy performance and minimal site disturbance at a cost that adds value. Hillgrove sells the rights to Source: Solar Pile International develop a Pumped Hydro Energy Storage (PHES) project AGL secures right to develop to AGL pumped hydro energy storage 16 April Hillgrove Resources Limited (ASX: HGO) project in South Australia (Hillgrove) wishes to announce it has 16 April completed the competitive process to seek AGL today announced it had secured the right proposals from the private sector to develop, to develop, own and operate a 250-megawatt own and operate a Pumped Hydro Energy pumped hydro energy storage project at Storage (PHES) project at its Kanmantoo mine Hillgrove Resources Limited’s Kanmantoo site. copper mine in South Australia’s Adelaide Hills region. As a result of this process Hillgrove is pleased to announce it has entered into binding AGL’s Executive General Manager of agreements to sell the right to develop, own Wholesale Markets, Richard Wrightson, said: and operate the PHES project to AGL Energy Page 2 (Click on relevant project links to go to online Project Database) Limited (ABN 74 115 061 375) (AGL) for $31 but will forfeit milestone payments already million. made to that point in time. Key Transaction Terms AGL is required to lodge a development The $31 million will be payable over an approval application within 12 months of estimated 18-36 month period with staged satisfaction of the conditions precedent and payments based on the achievement of the reach FID within 12 months after the later of following PHES project milestones: AGL obtaining development approval and an - $1 million on signing of the project offer of a connection agreement to the grid agreements, for the project. Hillgrove can take back the - $4 million on the completion of a number of PHES project if these milestones are not conditions precedent including: achieved, subject to (1) extensions for events - Confirmation by a limited drilling outside AGL’s control and (2) AGL electing to programme of the stability of the ground at pay a monthly extension fee of $100,000 per the proposed location of the PHES vertical month (up to a maximum of 6 months) for shaft, either milestone. - Execution of an early works agreement between AGL and HGO under which HGO Hillgrove will be separately contracted by AGL performs various scopes of early works and under the early works agreement to provide services for the PHES project on a fee for services during the development of the PHES service basis. Project including assistance in negotiating - The preparation of an initial baseline study water supply arrangements and managing the to determine any contamination on the land first fill of the ponds. to be used for the PHES project. - AGL being satisfied that there is no material AGL will utilise the Giant Pit as the lower pond contamination on the project site, and for the PHES and the upper pond will be - AGL being satisfied with HGO's located on land Hillgrove owns and/or will relinquishment plan dealing with mine closure acquire under an option agreement with a and rehabilitation of the project site. neighbouring landholder. Hillgrove has agreed to subdivide the land required for the PHES Satisfaction of the conditions precedent is and sell this land to AGL on a freehold basis. expected within 6 months. - $5 million once AGL has acquired any and all Hillgrove will retain its remaining freehold necessary water supply and transportation land, the Kanmantoo processing plant area, arrangements, approvals and licences, the administration area and the tailings dam - $10 million on later of AGL obtaining (TSF), enabling the processing of ore from any development approval and an offer of a future exploration discoveries. connection agreement to the grid for the project, The freehold land sale, (which will occur - $11 million on the Final Investment Decision following FID), is likely to take place after the (FID) by AGL completion of current processing at Kanmantoo, estimated to the second half of The entire $31 million is payable in the event 2020. AGL elects to buy-out the PHES project, including freehold title in the land required for Hillgrove will remain responsible for the the PHES project. environmental and closure liabilities associated with the mining activities at the AGL can withdraw at any time prior to Kanmantoo copper mine. payment of the final payment milestone, in which case it will not be required to make payments in respect of unsatisfied milestones Page 3 (Click on relevant project links to go to online Project Database) The PHES Project Australia, at a time when synchronous The PHES project is expected to have generation and bulk storage is critically generating capacity of 250 MW and 8 hours of needed. storage, making it