Genex gets debt financing for the construction of Jemalong solar park
- Genex Power, ASX-listed power generation development company, has secured US$117m of investment for financing a new venture and refinancing an existing facility, both located in Australia, with 50 megawatts of capacity each.
The power provider is getting a new credit to fund the development of the 50-megawatt Jemalong solar farm in NSW and to repay the debt for the existing Kidston solar farm in the Northern Region.
Refinancing the existing project has been backed by such major financial institutions like Australian Westpac as well as Norddeutsche Landesbank and German Deutsche Zentral-Genossenschaftsbank. The facility in Kidston became operational at the end of 2018. The new loan has been received under more favorable terms, which minimizes the financial risks.
Moreover, the combination of the operational project refinancing and the new facility development financing allows the new project to be funded on an entirely commercial basis. The launch of the solar array in New South Wales is predicted for the last quarter of 2020.
The developer forecasts that commercial revenues for NSW generators are going to become more attractive in the forthcoming years due to a series of power station shutdowns, which is likely to make Genex more flexible over the PPAs it secures for the new project.
