Genex Power announced that, following successful transformer energisation of the Kidston Solar Stage 1 Project, the company has now generated its first revenue from KS1.
Electricity produced from the Project is now being transmitted into the National Electricity Market (NEM). As commissioning for the Project is completed over the coming months, electricity generation will be ramped-up until full capacity has been reached, at which point the 20-year Revenue Support Deed wit h the Queensland State Government will be initiated.
Commenting on today’s milestone of first revenue generation, Genex’s Managing Director Michael Addison stated: “The Project has now transitioned from being technically operational to commercially active. This ground -breaking milestone marks the first earnings for the Project and for Genex as a company. This transition from a development company to generating operational cash flows will serve to strengthen our financial position as we seek to reach financial close for our Kidston Stage Two Projects in 2018.”