Genex Gets Funding for its 50x2 MW Solar Projects

“As a result of banks confirming credit approvals, JSP is now ready to commence construction, subject to the finalisation of project and financing documentation, which is expected to occur over the coming weeks,” said James Harding.

ASX-listed power generation development company Genex Power has received credit approval to fund its two 50 MW each solar projects in Australia.

The Australian company said in a statement that, banks have received the credit approval subject to final documentation for $175m of debt funding that will be utilised to finance the construction of it’s 50 MW Jemalong Solar Project (JSP) in New South Wales and to refinance the existing debt facility for 50 MW Kidston Solar One Project (KS1), operating in Kidston, North Queensland.

Commenting on the development, James Harding, CEO of Genex Power said, “As a result of banks confirming credit approvals, JSP is now ready to commence construction, subject to the finalisation of project and financing documentation, which is expected to occur over the coming weeks.”

Harding also thanked lenders by saying that “we wish to thank the lenders and the company’s advisors for their support to date and look forward to working together over the coming months and years.”

Moreover, this facility to be provided by a syndicate of 3 banks, compromises DZ BANK, NORD/LB and Westpac Banking Corporation (Westpac), the company added.

However, NAB’s financial & equity advisory team is acting as the financial advisor to the company.

Therefore, by combining the financing of both JSP and KS1, the company now will be able to structure the financing of JSP on a fully merchant basis, and this project is expected to be operational by the fourth quarter of CY 2020, it added.

This will allow Genex to generate merchant revenues in the New South Wales at an attractive forecast prices over the coming years as a result of major generator closures. It will also provide Genex the flexibility to secure a power purchase agreement (PPA) on competitive terms independent of the financing process if the opportunity presents itself.