More than 900 jobs will be created in North Queensland with the state’s first hydroelectric storage project in nearly forty years reaching financial close.
The Palaszczuk government will invest $ 147 million to connect Genex’s Kidston Pumped Storage Hydro project (K2-Hydro) to Queensland households and businesses.
Treasurer and Investment Minister Cameron Dick said Genex’s reaching a financial closure confirmed Queensland’s status as a benchmark for renewable energy.
“As part of our economic recovery strategy to grow the renewable energy sector and the jobs that come with it, the government of Palaszczuk played a crucial role in completing the Kidston Pumped Storage Hydro project,” said the treasurer. .
“This decision will further secure our strong renewable energy future in North Queensland and unlock hundreds of renewable jobs.
“In addition to Kidston, the transmission infrastructure we are providing has the potential to leverage hundreds of millions of dollars of new renewable investments in the North.
“As a government we focus on driving investment, creating jobs and growth and lowering electricity prices for Queensland households and businesses.”
Energy, Renewables and Hydrogen Minister Mick de Brenni said the 250 megawatt project will help secure the future of North Queensland’s energy system with a reliable supply of dispatchable energy.
“While Queensland charges towards its renewable energy target, storage projects like Kidston will allow for continued investment in otherwise intermittent renewable energy,” said de Brenni.
“Our $ 147 million commitment will support publicly owned Powerlink to build a 186-kilometer transmission line from Kidston to Mount Fox near Ingham, creating 400 jobs.
“The construction of the hydroelectric project will create another 500 jobs, fueling the economic recovery in North Queensland.”
The Kidston Clean Energy Hub will integrate large-scale solar power and hydroelectric storage by pumping using an abandoned gold mine 270 kilometers northwest of Townsville.
The water pumped into its reservoir will store around 2,000 megawatt hours of dispatchable electricity that can be returned to the electricity market when needed.
Genex CEO James Harding said the announcement marks an important step in launching large-scale energy storage capacities in the domestic electricity market.
“The financial closure for the Kidston Pumped Storage Hydro Project is a monumental milestone and Genex has been working for over five years,” said Harding.
“Site preparation activities are now well underway as we prepare for full-scale construction activities in the coming months.
“I would like to sincerely thank the Queensland Government for their significant financial support and continued commitment to the Kidston project.”
The Kidston Pumped Storage Hydro Project and related transmission infrastructure are expected to be completed and powered into the national electricity market by early 2025.
For more information visit www.genexpower.com.au/250mw-kidston-pumped-storage-hydro-project.
Treasurer and Minister for Investments
The Honorable Cameron Dick
Minister of Energy, Renewables and Hydrogen and Minister of Public Works and Procurement
The Honorable Mick di Brenni