Genex Power Announces Bulli Creek Solar Project Update

Genex Power Limited (Genex or the Company) provides an update on the 25-year solar power purchase agreement (PPA) which was signed with a wholly owned subsidiary of Fortescue Ltd (Fortescue) for the up to 2GW Bulli Creek Solar and Battery Project (BCP).

The BCP is being developed by Genex in partnership with Electric Power Development Co., Ltd (JPOWER), with Solar Choice Pty Ltd as co-developer.

Extension of Sunset Dates
As announced on 9 October 2023, a wholly owned subsidiary of Genex entered into a 25-year PPA with Fortescue for 337.5MW of capacity from a large-scale first stage solar farm at the BCP (BCS). Fortescue intends to utilise the solar energy procured under the PPA for the operation of a green hydrogen and green ammonia facility in connection with its Gibson Island project (Gibson Island).

The PPA contains typical conditions precedent for an agreement of this nature, including financial close of the BCS by 31 December 2024, as well as a buyer condition precedent for Fortescue to reach a final investment decision in respect of Gibson Island by 31 December 2023. In December 2023, these dates were subsequently extended to 31 March 2025 and 28 February 2024 respectively.

Genex advises that it has agreed with Fortescue an extension of the sunset date for achieving a final investment decision in respect of Gibson Island to 31 March 2024. Concurrently, the parties have also agreed to extend the sunset date for achieving financial close of the BCS to 30 April 2025.

Other Offtake Discussions & Project Timeline
As announced on 9 October 2023, the PPA with Fortescue will underpin a minimum project size of BCS at 450MW. Genex is continuing discussions with external parties for further solar offtake which would allow the initial capacity of the project to be increased to up to 775MW. Genex and J-POWER continue to expect that such discussions will conclude and the size of BCS confirmed by mid-2024 which will support the target of a final investment decision for the first stage BCS project in 2H CY2024.