In 2021, Australia’s electricity generation totalled 265,554 GWh with renewable energy sources accounting for 26.7% of total generation.
Wind power was the largest contributor to the renewable energy sources, accounting for 24,535 GWh out of the total of 70,798 GWh.
Clearly there is substantial investment required to transition the electricity system to net zero emissions. Therefore, it was encouraging to hear from Genex Power last week that they are progressing their 150MW wind power project. J-Power, Japan’s second largest provider of hydroelectric and wind power with over 1GW in their global wind portfolio, has provided $3.0m in funding towards the development of the Kidston Stage 3 Wind Project at the Kidston Clean Energy Hub in Queensland.
This funding will be applied primarily towards activities related to planning, grid connection and costs associated with achieving financial close by the end of 2023.
This will be Genex’s first wind farm and the expertise and commitment from J-Power will be important in bringing it to fruition.
James Fielding, Genex’s CEO said, “The project will complete the third stage of the Kidston Clean Energy Hub located in north Queensland and will connect into the new transmission line being constructed by Powerlink for our flagship Kidston Pumped Storage Hydro Project”.
Since our first investment in Genex in 2017, the company has funded over $1bn in renewable generation and storage projects, contributing to Australia’s transition to a net zero emissions economy.