Wednesday, 15 March 2023

Genex Power achieves key milestone in construction of Bouldercombe Battery Project in Queensland

by Berkeley Lovelace

Genex Power achieves key milestone in construction of Bouldercombe Battery Project in Queensland

Genex Power (ASX:GNX) reports it has achieved a key milestone in the construction of its 50MW/100MWh Bouldercombe Battery Project (BBP) near the township of Rockhampton in Queensland.

The company says it has received all 40 of the Tesla Megapack units, and that reaching this ‘major’ project milestone represents a ‘significant’ de-risk of the overall construction schedule.

Genex Power notes the delivery of the Tesla Megapack units also represents the final piece of key equipment to arrive at the project.

The company also notes the delivery of the Tesla units has given way to the completion of all electrical connections from the Megapack units to the step up transformers, as well as the completion of all interface works with Powerlink Queensland, including electrical and communications connections.

Completion of the BBP remains on track for first energisation by H2 2023, and once active is expected to be one of the first ‘large-scale’ battery energy storage systems in Queensland, further diversifying Genex’s portfolio of renewable energy and storage assets.

Genex Power is an ASX-listed renewable energy focused company which currently holds a portfolio of more than $1 billion of renewable energy generation and storage projects across Australia. The company’s BBP is located near the township of Rockhampton in Queensland and comprises 40 Tesla Megapack units which are an all-in-one utility scale storage system shipped from Tesla’s Gigafactory in Nevada, US.

The project is expected to be operated by Tesla using its proprietary algorithm-based bidding system, Autobidder, to maximise revenues on a yearly basis.

In addition, under the Autobidder Offtake Agreement with Genex, Tesla will provide a minimum level of contracted revenues. The agreement will also deliver the ability to capture revenue from a fixed guaranteed amount to ensure that Genex participates in the revenue upside from ‘significant’ pricing events.

Other assets included within Genex Powers’ arsenal include its flagship Kidston Clean Energy Hub located in north Queensland, which comprises the 50MW stage 1 Solar Project, and the 250MW Kidstone Pumped Storage Hydro Project with potential for further multi-stage wind and solar projects.

Images: Genex Power Ltd