Genex buying up to 2-GW battery-solar project in Queensland

• Australian renewable energy designer Genex Power Ltd (ASX: GNX) has actually struck a bargain to make it the owner of an as much as 2-GW battery-plus-solar project in Queensland that has advancement authorization in place.

The massive Bulli Creek project is being marketed by Australia-based Solar Choice Pty Ltd, the customer said in a bourse filing on Wednesday without giving financial details on the intended transaction.

Bulli Creek envisages the release of solar photovoltaic or pv (PV) panels as well as batteries in five phases throughout a land area of over 5,000 ha, some 100 kilometres southwest of Toowoomba. The initial stage of the growth will be a 400-MW/1,600-MWh energy storage space facility, prepare for which will certainly be fast-tracked by Genex so as to take a last financial investment decision in the 2nd half of 2024.

Between 475 MW and also 675 MW of solar PV panels will be mounted in stage 2, while extra capacity will certainly be constructed in the subsequent stages.

According to the setup, Solar Choice will perform "certain advancement solutions" and also receive a development cost at financial close for each and every stage. Genex, which is currently building the 50-MW/100-MWh Bouldercombe battery in Queensland, said it is holding talks with prospective joint growth companions to supply cash and also equity for the huge project.

"The events in the National Electricity Market (NEM) in current months have only highlighted the urgent demand for dispatchable energy storage space capacity to manage the transition to a net-zero economy," the customer kept in mind.