Genex Power's Quarterly Activities Report for Q1 FY2024

Genex Power Limited (ASX: $GNX) has released its Quarterly Activities Report for the quarter ending 31 March 2024. The report highlights the company's revenue recovery, operational progress, and advancements in its renewable energy projects. Genex Power reported $9.6M in revenue from its solar and battery projects, and substantial completion of the Kidston Pumped Storage Hydro Project powerhouse cavern excavation. The company also announced the appointment of PCL Constructors Pty Ltd as the preferred engineering, procurement, and construction contractor for the Bulli Creek Solar Farm.

Executive Commentary on Q1 FY2024 Performance

Genex CEO, Craig Francis, commented, 'We've seen continued progress across the Genex portfolio after another busy quarter. Notably, the completion of excavation of the powerhouse cavern at the 250MW/2,000MWh Kidston Pumped Storage Hydro Project marks a major milestone. This paves the way for the final stage of the project, the underground fit-out works which have commenced in earnest. We are also pleased to have reached substantial completion of the Wises Dam works with the liner placement now complete around the entire dam perimeter, allowing water to continue being transferred from Eldridge Pit. We have also been delighted with the first full quarter of operations from the 50MW/100MWh Bouldercombe Battery Project, which captured the significant volatility observed in wholesale electricity markets with an average capture price of $385MWh exported. We look forward to its continuing contribution to our consolidate revenues over the balance of the financial year.'

Summary of Quarterly Activities and Outlook

Genex Power's Quarterly Activities Report for Q1 FY2024 reflects the company's progress and achievements in its renewable energy projects. The report highlights the revenue recovery from its solar and battery projects, with $9.6M in revenue generated. The substantial completion of the Kidston Pumped Storage Hydro Project powerhouse cavern excavation and the appointment of PCL Constructors Pty Ltd as the preferred EPC contractor for the Bulli Creek Solar Farm demonstrate significant advancements in the company's construction and development activities. Genex's ambitions to become a leading renewable energy and storage company in Australia are evident through its ongoing projects, including the K3-Wind project and the Bulli Creek Clean Energy Project. With a committed portfolio of 400MW and up to approximately 2.3GW of renewable energy and storage projects in the development pipeline, Genex is well positioned to contribute to the renewable energy sector in Australia.