Genex Power is one of our largest positions and has been a key investment for the development of renewable energy generation and storage since the Fund launched in early 2017. The company has funded over $1bn in new projects and is operating 50MW solar plants at Kidston (Qld) and Jemalong (NSW). Projects under construction are the 250MW pumped hydro storage facility at Kidston (the first pumped hydro to be built in Australia in over 40 years) and the 50MW large-scale battery energy storage system at Bouldercombe. By 2025, their projects will provide clean energy to over 350,000 homes offsetting up to 2m tonnes per year of CO2 emissions.
The stock-market has undervalued the development assets in our assessment which provided the opportunity for Skip Capital and Stonepeak Partners to launch a takeover bid. We are pleased that they recognise the value in Genex, but we value the company at a premium to their 23c per share offer.