Allens has advised Northern Australia Infrastructure Facility (NAIF) on the financing of Genex Power Ltd’s Kidston Pumped Storage Hydro project, Australia’s first pumped hydro plant in 37 years and the first in the world to use abandoned gold mine pits.
NAIF will contribute a loan of up to $610 million to fund the $777 million project, which will use converted mine pits to store energy from the site’s existing 50MW solar farm and a planned 150MW wind farm. ARENA will contribute $47 million to the project, with Genex also contributing $120 million in equity, inclusive of a $25 million equity investment by J-Power in Genex.
Once completed, the 250MW project will have eight hours’ energy storage capacity – enough to power up to 143,000 homes. It is Australia’s first pumped hydro project to be dedicated solely to energy storage and generation rather than water management.
Genex Power Ltd is a power generation development company listed on the ASX. The Company is focused on developing a portfolio of renewable energy generation and storage projects across Australia.
Northern Australia Infrastructure Facility is a $5 billion development financier that provides loans to infrastructure projects in the Northern Territory, Queensland and Western Australia.
The Allens’ team included Scott McCoy (Picture, lead Partner), Phillip Cornwell (Senior Finance Counsel), Jamie Guthrie (Senior Associate), Isabel Cropley (Finance Consultant), Chathurika Ravindra (Lawyer), India Short (Lawyer), Angela Lambros (Law Graduate)(all Banking and Finance), John Greig (Partner), Bill McCredie (Partner), Larissa Chu (Managing Associate), Karla Drinkwater (Managing Associate), Tamzyn McClure (Senior Associate), Connie Ye (Associate), Harriette Watson (Lawyer)(all Projects and Development), Craig Milner (Partner) and Jay Prasad (Senior Associate)(Tax).
Involved fees earner: Larissa Chu – Allens; Phillip Cornwell – Allens; Isabel Cropley – Allens; Karla Drinkwater – Allens; John Greig – Allens; Jamie Guthrie – Allens; Tamzyn McClure – Allens; Scott McCoy – Allens; Bill McCredie – Allens; Chathurika Ravindra – Allens; India Short – Allens; Harriette Watson – Allens; Connie Ye – Allens;
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