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Townsville Industry Breakfast Presentation

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Townsville Industry Breakfast Presentation TOWNSVILLE INDUSTRY BREAKFAST 4 September 2019 www.dsdmip.qld.gov.au Social: @GrowingQLD Townsville Industry Breakfast September 2019 RENEWABLE ENERGY ON TAP The Climate Council Case Study: Kidston Genex at a glance Kidston Clean Energy Hub ASX code: GNX Shares on issue: 401.8M Stage 1: 50MW Kidston Solar Project Market cap: $86M Stage 2: 250MW Kidston Pumped Storage Cash (21.08.2019): $18.8M Hydro Project & Stage 2 Kidston Solar Project Undrawn ARENA: $0.3M Stage 3: 150MW Kidston Wind Project Major Shareholders: Board & Management – 16% Asia Ecoenergy– 9% Institutional – 26% Jemalong Solar Other – 49% 50MW Jemalong Solar Project * Up to 19.99%, conditional upon shareholder approval and hydro financial close Corporate Portfolio Kidston Stage 1 Status Counterparty Revenue Model 50MW Solar Plant Production 20-year Government Revenue Guarantee (since 2018) Selling into National Energy Market K2-Hydro Status Counterparty Revenue Model Construction Long term rental over the pumped hydro 250MW Pumped Hydro expected assets. Genex has no exposure to energy (Genex 50% share) 2HCY19 prices through the project K2-Solar Status Counterparty Revenue Model Feasibility To be confirmed Up to 270MW Solar Project To be confirmed (Genex 100% share) Kidston Stage 3 Status Counterparty Revenue Model Feasibility To be confirmed 150MW Wind project To be confirmed Jemalong Solar Status Counterparty Revenue Model 50MW Solar project Construction Merchant/Spot Corporate Timeline Kidston Clean Energy Hub 2019 2020 2021 2022 2023 2024 Kidston 50MW Stage 1 Solar Stage 1 Operations (Ops) Kidston 250MW Pumped Storage Hydro Construction Ops Stage 2* Kidston Solar Stage 2 Construction Ops Kidston 150MW Wind Stage 3 Feasibility Construction Ops 50MW Jemalong Solar Construction Ops *Includes the construction of a new 275kV transmission line Genex - Rejuvenating the town of Kidston • Kidston lies 280km North West of Townsville. • The Gold Mine was the biggest gold producer in Australia, producing an average annual production between 200,000 and 300,000 ounces of gold. • At its peak population in 1908 approximately 1700 people lived in the surrounding Kidston region. When the mine shut in 2001, the Kidston township fell to approximately 10 people leaving a huge scar on the land. • Kidston site has been identified as having the highest solar irradiance in Australia – perfect for the development of solar technology. • The old mine pits, now filled with water, provide the perfect opportunity for the development of the Kidston Pumped Storage Hydro Project (K2-Hydro) Kidston Gold Mine (1907 - 2001) 50MW Kidston Solar Farm Development (2016 - 2017) Kidston Renewable Energy Hub (2017 - 2100) Genex Power’s Commitment to North Queensland • Genex Power is investing approximately $1 billion into North Queensland to develop the Kidston Renewable Energy Hub. - • K2-Hydro will generate over $500 million in public benefits – due to reduction in wholesale electricity prices. • Construction of KS1 saw the 160 employees on site during peak capacity. • 500+ direct construction jobs generated through the construction of the Kidston Pumped Hydro Project paired with upgrade of the 275Kv transmission line from Mt. Fox to Kidston. • A further 500 further construction jobs from K2-Solar and K3-Wind taking the total to 1000+ jobs. • Genex Power prioritises local employment and subcontractors. • Collaboration with Hinchinbrook and Etheridge Shire Council. • Townsville: base for FIFO, port gateway for imported equipment. Genex – clean energy credentials Clean Energy Total Generation Offsets CO2 production Houses Powered Production (Per Year) (Per Year) (Per Year) KS1: 50MW 2019 120,000t of CO2 26,500 145,000MWh KS1: 50MW 145,000MWh 2020 Jemalong: 50MW 226,510t of CO2 50,000 128,700MWh 370MW 1,056,700MWh 150MW 2. 1,2,3 2023 2. 240,000 250MW 525,600MWh 1,913,628t of CO2 1. 730,000MWh 1. Assumes K2-H dispatches once a day. 2. Based on a typical wind farm in the region with a capacity factor of 40%. 3. Assumes K2-H pumps water using green energy. Russia Pumped storage hydro locations 1,200MW Europe 46,000MW Japan South Korea 28,000MW 4,700MW U.S. 22,600MW India 4,800MW China 32,000MW Africa 1,500MW Wivenhoe, QLD Kidston, QLD 500MW 250MW Shoalhaven, NSW 240MW Tumut-3, NSW Central & South America 1,800MW 1,000MW Source: Energystorage.org Pumped Storage Hydro Solar Farm Daylight Morning & Evening Night This process is repeated Water from the lower Water is released from Generates electricity Grid power is used each day to provide reservoir is pumped into the upper to the lower throughout the day to pump water into dispatchable and reliable the upper reservoir reservoir during peak the upper reservoir demand electricity Pumped Storage Hydro ▪ Mature technology – in use for over 130 years, with > 200 projects worldwide. ▪ Lowest cost of energy storage available. o 250MW Kidston Project with up to 8 hours of storage is ~15x more affordable than the cost of equivalent lithium-ion battery storage. ▪ Peak power generator – able to dispatch into peak periods. ▪ Can be integrated with renewables. o Perfect component to firm intermittent & volatile renewable generation. ▪ 80+ year project lifespan. K2-Hydro – Construction Ready Long-term energy offtake and 50% equity investor in the project • Completing final due diligence. • Commencing final investment approvals process. Genex equity investor • $25m share subscription agreement signed. • Technical support. EPC Contractor/supplier of pump turbines • Binding EPC Contract with final negotiations, Early Works Stage 1 completed. Transmission network service provider • Will construct and operate new 275kV transmission line from Kidston to Mt Fox. • Offer to Connect submitted. • GPS approved. Critical infrastructure/coordinated project Strong financial position to execute on growth • 20-year PPA with the Queensland State Government for 100% of the energy produced from the 50MW Kidston Solar Farm. 50MW • Jemalong Solar Farm will add a further 50MW of generational capacity to the portfolio. Construction to start H2 CY2019. Finalising debt funding through to production. • The Pumped Hydro Project construction ready: • Long term offtake from EnergyAustralia, in final negotiations of approval; • NAIF $610 concessional debt funding; and • $25m Share Subscription Agreement with J-POWER. • Up to $610m concessional debt funding from the Northern Australia Infrastructure Facility (NAIF) for the construction of H2-Hydro. • $25m Share Subscription Agreement with J-POWER to fund Genex’s equity funding component for construction of K2-Hydro. Outlook ▪ KS1 steady state cash flow supported by long term contract. ▪ North Queensland ▪ 500+ jobs for 3 years. ▪ Local employment + subcontractor priority. ▪ $1b investment into North Queensland region. ▪ Townsville FIFO base and main port. ▪ K2-Hydro ▪ On track to be the first pump hydro project developed in Australia since 1980s. ▪ Strong partners with J-POWER, NAIF and EnergyAustralia. ▪ Funded with construction to commence CY2019 pending final approvals and transmission line arrangements. ▪ Financing and management in place to execute growth strategy. 22 Contact Simon Kidston (Executive Director) James Harding (Chief Executive Officer) Tel: +612 9048 8852 Tel: +612 9048 8855 Mob: 0414 785 009 Mob: 0439 139 179 Email: [email protected] Email: [email protected] 23 GENEX POWER (GNX) Disclaimer August 2019 ▪ This document has been prepared by Genex Power Limited (“Genex” or “Company”) for the purpose of providing a company and technical overview to interested analysts/investors. None of Genex, nor any of its related bodies corporate, their respective directors, partners, employees or advisers or any other person (“Relevant Parties”) makes any representations or warranty to, or takes responsibility for, the accuracy, reliability or completeness of the information contained in this document to the recipient of this document (“Recipient”) and nothing contained in it is or may be relied upon as, a promise or representation, whether as to the past or future. ▪ The information in this document does not purport to be complete nor does it contain all the information that would be required in a disclosure statement or prospectus prepared in accordance with the Corporations Act 2001 (Commonwealth). It should be read in conjunction with Genex’s other periodic releases. ▪ This document is not a recommendation to acquire Genex shares and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek appropriate advice, including financial, legal and taxation advice appropriate to their jurisdiction. Except to the extent prohibited by law, the Relevant Parties disclaim all liability that may otherwise arise due to any of this information being inaccurate or incomplete. By obtaining this document, the Recipient releases the Relevant Parties from liability to the Recipient for any loss or damage that it may suffer or incur arising directly or indirectly out of or in connection with any use of or reliance on any of this information, whether such liability arises in contract, tort (including negligence) or otherwise. ▪ This document contains certain “forward‐looking statements”. The words “forecast”, “estimate”, “like”, “anticipate”, “project”, “opinion”, “should”, “could”, “may”, “target” and other similar expressions
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