Excerpts posted with permission from ESG Impact Zone.

By Giles Parkinson

Renewable energy and storage developer Genex Power says foundations for its first big battery project are complete and awaiting the delivered of the Tesla Megapack batteries, as it looks to accelerate the solar component of an even bigger battery project in southwest Queensland.

In a market briefing, Genex CFO Craig Francis said the concrete foundations for the 50MW/100MWh Bouldercombe battery have been finished, and the Tesla Megapack batteries are currently being shipped to Australia, and are due to arrive by the end of March. The Bouldercombe battery will be the second utility scale battery to be opened in Queensland, after the bigger 100MW/150MWh Wandown South big battery that opened last year.

It is due to be switched on by the end of June and will result in a big lift in Genex revenues under a unique “fixed and floating” contract with Tesla that guarantees minimum returns and a share in the upside when the battery cashes in on volatile markets and price spike.

An even bigger revenue boost will occur when the landmark Kidston pumped hydro project – 250MW and eight hours of storage – begins operations by the end of 2025. That project is underpinned by a long term, inflation linked off take agreement with EnergyAustralia.

Francis also said the company is looking to accelerate the solar component of the huge 2GW battery and solar precinct at Bull Creek. It intends to build a 400MW, two hour battery at the site, but says interest in the big solar components has been very strong.

(Editor's note: these developments follow another major development announced last year, iin which Quinbrook plans to build $1.7 billion data center along with 2Gwh battery storage in Queensland.)