Genex Power Ltd (ASX:GNX) Quarterly Activities and Cashflow Reports
Quarterly Activities and Cashflow ReportsSydney, April 29, 2021 AEST (ABN Newswire) - Genex Power Limited (
ASX:GNX) is pleased to provide the following update on the Company s activities and performance for the quarter ending 31 March 2021 (Q3 FY2021), a period during which the Company made substantial progress with its Kidston Pumped Storage Hydro Project (K2-Hydro), having successfully raised additional funds to retain 100% ownership of the Project and reached Project Document Contractual Close.
Highlights
K2-Hydro
- Launch of $115 million equity raise, consisting of $90 million fully underwritten placement and rights issue, and an additional $25 million committed investment by J-POWER;
Genex Power Ltd (ASX:GNX) Reaches Finance Document Contractual Close for Hydro
Reaches Finance Document Contractual Close for HydroSydney, April 15, 2021 AEST (ABN Newswire) - Genex Power Limited (
ASX:GNX) is pleased to announce that, further to its announcement of Project Document Contractual Close on 31 March 2021, it has today completed the execution of all outstanding financing documentation and as a result has reached Finance Document Contractual Close ( FD Contractual Close ) for the 250MW Kidston Pumped Storage Hydro Project ( K2-Hydro or Project ). FD Contractual Close secures all of the external financing required for the Project to reach Financial Close.
As part of the FD Contractual Close process, the special purpose vehicle established to own and operate the Project ( Project SPV ) has executed the following final documentation to secure a total of $660M of external financing for the total Project construction costs: