Australia's Genex Power gains after securing funds to build hydro project

CLP Holdings

15/04/2021 05:31

** Power generation company Genex Power Ltd  GNX.AX  gains
as much as 5% to A$0.210
    ** Co says it secured A$610 mln ($470.25 mln) loan from the
Northern Australia Infrastructure Facility to build 250-MW
Kidston pumped hydro project in Queensland  urn:newsml:reuters.com:*:nL4N2M80AG
    ** GNX also secured A$47 mln in grant from Australia's
renewable energy agency, while government-owned green bank the
Clean Energy Finance Corp will provide a further A$3 mln of
subordinated debt funding
    ** In March last year, EnergyAustralia, a unit of Hong
Kong's CLP Holdings  0002.HK  and Australia's third-largest
energy retailer, signed an agreement to buy power from the
project
    ** GNX had fallen 5.6% this year, as of last close
($1 = 1.2972 Australian dollars)

 (Reporting by Aditya Munjuluru in Bengaluru)
 ((aditya.srivastsav@thomsonreuters.com))