Genex Power’s 50MW Kidston Solar Project: December Quarter Revenue Update

Genex power limited

On 10 January 2019, Genex Power Limited (ASX: GNX) has reported unaudited revenues generation in relation to the operation of the 50MW Kidston Solar Project (KS1), which is in North Queensland.

Genex power Limited is under the energy sector. The company mainly focusses on generation and storage of renewable energy. The company was incorporated in 2011 and got listed on ASX in July 2015 under the ticker name of GNX.

Quarterly Performance: The revenue of the 50MW Kidston Solar Project for the December quarter stood at $3,146,420, which represents a downside of 8 percent compared to $3,421,322 at the end of June quarter and showed a massive rise of 542 percent compared to $490,377 over a year-ago period. 

The Cumulative revenue of the 50MW Kidston Solar Project for the December quarter stood at $14,906,773, which represents an upside of 26.75 percent compared to $11,760,353 at the end of June quarter and showed a massive rise of 2940 percent compared to $490,377 over a year-ago period.

The power generation of the 50MW Kidston Solar Project for the December quarter stood at 35,755MWh, which represents an upside of 0.7 percent compared to 35,509MWh at the end of June quarter and showed a massive rise of 1,154.6 percent compared to 2,850MWh over a year-ago period.

The cumulative power generation of the 50MW Kidston Solar Project for the December quarter stood at 123,484MWh, which represents an upside of 40.76 percent compared to 87,729MWh at the end of June quarter and showed a massive rise of 1,154.6 percent compared to 2,850MWh over a year-ago period.

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On December 20, 2018, Genex power Limited has announced that they have signed a non-binding term sheet with another Australian energy company, EnergyAustralia Pty Ltd, in respect to a long-term energy storage services agreement and equity investments in the company’s 250MW Kidston Pumped Storage Hydro Project.

50MW Kidston Solar Project has successfully reached Practical Completion (PC) on December 3, 2018. Practical Completion signifies the final milestone of the construction and commissioning stages of the project by the company. Following energization in late 2017, the project has undergone detailed commissioning processes due to which the project can utilize its full capacity. UGL is a contractor of EPC and EPC stands for Engineering, Procurement, and Construction and it has cleared all the tests which are required for Practical Completion.

Stock performance: On January 10, 2019, with this update, the shares price of Genex power Limited has settled at A$0.270 per share which implies the rise of A$0.015 per share, i.e. 5.882%. The market capitalization of the company stood at circa $77.5 Million. L. In the time span of the previous six and three months, the stock delivered the returns of -15% and -12.07%, respectively. However, during the last month, GNX delivered the return of 8.51%.


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