Genex Power signs PPA with Stanwell for 258MW Kidston wind project

Stanwell will purchase half of Kidston Stage 3's (K3W) total output at a fixed price, plus the large-scale generating certificates.

Umesh Ellichipuram December 11 2023

Genex Power’s wholly owned subsidiary K3W Project Co has signed an offtake agreement with Stanwell Corporation for its 258MW K3W wind farm in Queensland, Australia.

Under the 15-year power purchase agreement (PPA), Stanwell Corporation will purchase 50% of the total output at K3W at a fixed price.

The Brisbane-headquartered electricity and energy solutions provider will purchase large-scale generating certificates.

With an annual cap, the agreed price is subject to annual escalation based on changes in the consumer price index.

The financial close of K3W is a prerequisite for the new agreement and is expected to be completed by 31 December 2024.

Genex CEO Craig Francis stated: “Our offtake agreement with Stanwell marks a major milestone for the 258MW Kidston Stage 3 wind project, the third stage of the Kidston clean energy hub.

“When complete, the project will complete the trifecta of wind, solar and pumped storage hydro technologies all co-located at a single site.

“Securing Stanwell as the majority offtaker for the project, a highly reputable entity, underscores the appeal of the generation profile of the project and Genex’s track record in the successful delivery of large and complex renewable energy and storage projects.”

The wind energy project is being developed under a 50:50 partnership between Genex and Japan’s Electric Power Development Co (J-POWER).

The PPA with Stanwell supplements an earlier agreement with EnergyAustralia, which committed in October to buy 30% of K3W's output.

After securing the two PPAs, Genex will begin addressing the project's debt financing to make a final investment decision by 2024.

Francis added: “Genex and J-POWER are delighted to be working alongside Stanwell for the Kidston Stage 3 wind project and are appreciative of the strong and continued support of the Queensland Government for the Kidston Clean Energy Hub.

“This agreement secures Kidston's place in Stanwell's renewable energy pipeline and contributes to Stanwell’s strategic goal of transforming its portfolio, whilst supporting the objectives of the Queensland energy and jobs plan."

Uncover your next opportunity with expert reports

Steer your business strategy with key data and insights from our latest market research reports and company profiles. Not ready to buy? Start small by downloading a sample report first.

Newsletters by sectors

close

Sign up to the newsletter: In Brief

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Thank you for subscribing

View all newsletters from across the GlobalData Media network.

close