Genex and Fortescue extend key PPA dates

Genex Power (ASX:GNX) has agreed with Fortescue (ASX:FMG) 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 2GW Bulli Creek Solar and Battery Project to 30 April 2025.

On 9 October 2023, a wholly owned subsidiary of Genex entered into a 25-year solar power purchase agreement (PPA) with a wholly owned subsidiary of Fortescue (ASX:FMG) 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 (J-POWER) with Solar Choice as co-developer. 

Under the agreement, Fortescue is hoping to secure 337.5MW of capacity from a ‘large-scale’ first stage solar farm at the BCP. It 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. 

The PPA contains typical conditions precedent for an agreement of this nature, including the aforementioned financial close of BCP and the final investment decision for Gibson Island. 

Further, the PPA with Fortescue will underpin a minimum project size of BCP 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. The company, alongside J-POWER, expects such discussions will conclude and the size of BCP will be confirmed by mid-2024. 

Genex Power has a portfolio of more than $1 billion of renewable energy generation and storage projects across Australia. The company’s flagship Kidston Clean Energy Hub sits in North Queensland and will integrate ‘large-scale’ solar generation with pumped storage hydro. 

Fortescue is a global metal miner and green energy company focused on iron ore mining under the name Fortescue Metals Group until July 2023.

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Images: Genex Power
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.