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31 July 2019
Northern Australia Infrastructure Facility (NAIF) has just approved a $610 million concessional loan for the delivery of the Kidston Pumped Storage Hydro project (K2-Hydro) in North Queensland. The loan is the largest investment ever made by NAIF.
K2-Hydro delivered by Genex Energy, is part of the larger Kidston Hydro-Solar Project Stage 2 (also known as K2) – which is comprised of the 250MW K2-Hydro and a 270MW solar farm (K2-Solar).
“Energy storage facilities have a significant role to play in Australia’s transition to a low emissions, low cost energy future. The project will provide Far North Queensland with 250MW of firm, dispatchable energy, improving energy reliability while lowering transmission losses and electricity prices,” NAIF CEO Laurie Walker said.
K2-Hydro will utilise the existing infrastructure at the Kidston Gold Mine. The Wises and Eldridge pits will serve as upper and lower reservoirs in the development.
Genex Energy is anticipating to reach financial close for K2-Hydro in the third quarter of 2019. Amy Crawley of Genex stated “Construction will commence shortly after the company reaches financial close (an exact date has not been officially determined),” She estimated that the project is expected to be in full operation by 2023.
McConnell Dowell and John Holland (MDJH-JV) have signed an agreement as a joint venture with Genex Energy. They have initiated early works and have also been selected as the EPC Contractor for the Project. MDJH-JV will be responsible for the engineering, procurement and construction of the Kidston Pumped Storage Hydro Project.
K2-Hydro is expected to have an operational life of 80 years and is anticipated to create 500 jobs to facilitate the constriction which is located 270 km north west of Townsville.