The combined solar and pumped hydro project at the dis-used Kidston gold mine in Far North Queensland could qualify for a concessional loan under the Federal Government’s $5 billion Northern Australian Infrastructure Facility.
Project developer Genex has received approach from the NAIF to move to the full due diligence phase for the Stage 2 Solar and hydrop component of the the development.
Genex is building a 50MW solar project in Stage 1, while Stage 2 comprises a 270MW solar farm and a pumped storage hydro plant.
Stage 2 is costed at arond $750 million, and NAIF could repoertedly lend up to $300 million.
Around 90 workers are currently on site working on Stage 1, and they will be joined by another 500 when full construction begins next year.
The project has “critical infrastructure” status with the Queensland Government, which has committed $150 million for a transmission line to connect the project to the Powerlink network.
Genex managing director Michael Addison said the NAIF approach was a “big tick” for the project.