Genex Releases June 2023 Quarterly Report

31st July 2023

NorthStar Impact’s commentary on Genex Power’s June 2023 quarterly report:

Genex Power (ASX: GNX) has released its June 2023 quarterly report, showing unaudited full year revenue from its solar portfolio of $24.2m and positive operating cash flow of $5.2m for FY23. During the quarter, it generated nearly 48,000MWh of renewable energy from the Kidston and Jemalong solar projects.

A key takeaway from the report was news of the successful energisation of the 50MW/100MWh Bouldercombe Battery Project during the quarter. The project was delivered on time and on budget, which talks to the execution skills of Genex and their project partners, which included Tesla, Consolidated Power Projects, and Powerlink. Based on data from Renewable Energy News, this is the 9th large-scale (50MW+) battery project to become operational in Australia, with full commissioning expected ahead of the peak demand summer season.

We were also pleased to see that the K2-Hydro project remains on schedule for energisation in 2H CY2024. This pumped hydro storage project is the first to be built in Australia in over 40 years and the first to be built by a private company in Australia. There are several photos of the site progress in the report.

NorthStar has been invested in Genex since January 2017 and it is one of our key renewable energy and storage holdings. Its June quarterly report shows encouraging positive operating cashflow and a strong solar revenue, which show Genex to be well-positioned to lead Australia in solar and storage, as well as hydro.

We know that storage is imperative to Australia meeting its net zero targets – Genex estimates 123 GwH of Battery Energy Storage Systems is required by 2040 in order for Australia to stay within the Paris Aligned target. We believe Genex will be a major player in this emerging market.

Read the Genex Power quarterly report here. 

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