Genex Power
Genex Power is an Australian renewable energy developer-operator owned by J-Power that runs utility-scale solar, battery storage, and pumped hydro assets (including the 250MW Kidston Pumped Storage Hydro Project, the first new pumped hydro in Australia's NEM in 40 years) for sale into the NEM and to enterprise offtakers under long-term PPAs.
- Company typePrivate
- Founded2014
- HeadquartersSydney, Australia
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Genex Power does
Genex Power Pty Ltd is an Australian renewable energy generation and storage developer-operator headquartered in Sydney with offices in Brisbane and project sites across Queensland and New South Wales. The company's portfolio integrates utility-scale solar photovoltaic farms, grid-scale battery energy storage systems (BESS), and pumped storage hydro, anchored by the Kidston Clean Energy Hub in Far North Queensland — a co-located multi-technology site that includes the 50MW Kidston Solar Project, the 250MW/2,000MWh Kidston Pumped Storage Hydro Project (K2-Hydro, the first new pumped hydro in Australia's NEM in nearly 40 years), and the 270MW Kidston Hybrid Project (K3-Hybrid). Other operating assets include the 50MW Jemalong Solar Project in NSW and the 50MW/100MWh Bouldercombe Battery Project in Rockhampton, with a development pipeline of more than 2.25GW including the multi-stage Bulli Creek Clean Energy Park (up to 2.5GW) and K3-Hybrid (120MW wind plus 150MW/600MWh BESS).
Genex's underlying technology combines First Solar thin-film PV with NEXTracker single-axis tracking and SMA inverters for solar; Tesla Megapack 2.0 hardware with Tesla Autobidder software for BESS dispatch; and for pumped hydro, a novel architecture that repurposes the abandoned Wises and Eldridge gold mine pits as upper and lower reservoirs, equipped with ANDRITZ 125MW reversible turbines enabling sub-30-second ramp and 8-hour discharge (2,000MWh) — long-duration capabilities that exceed typical grid-scale battery storage.
The company monetises its assets through a mix of wholesale electricity sales into Australia's National Electricity Market (NEM) at spot prices, large-scale generation certificate (LGC) sales, FCAS and ancillary services revenue from battery and pumped hydro assets, and long-term contracted revenue via 15-30 year PPAs and BESS agreements with offtakers including EnergyAustralia (30-year dispatch rights on K2-Hydro), Stanwell Corporation (15-year PPA for 550MW of Bulli Creek Stage 1), and the Queensland Government (20-year Revenue Support Deed for Kidston Solar). Project capital is sourced from a blend of equity, government infrastructure debt (NAIF A$610M, CEFC A$3M), grants (ARENA A$47M for K2-Hydro plus A$8.9M for Kidston Solar), and corporate balance sheet funding from parent J-Power (Electric Power Development Co., Ltd), which acquired 100% of Genex for approximately A$380M in July 2024 and delisted the company from the ASX after nine years as a listed entity.
Genex Power firmographics
Firmographics- Name
- Genex Power
- Legal name
- Genex Power Pty Ltd
- Website
- https://genexpower.com.au
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Genex Power is an Australian renewable energy developer-operator owned by J-Power that runs utility-scale solar, battery storage, and pumped hydro assets (including the 250MW Kidston Pumped Storage Hydro Project, the first new pumped hydro in Australia's NEM in 40 years) for sale into the NEM and to enterprise offtakers under long-term PPAs.
- Ownership category
- akta.pro rank
Genex Power industry classification
Industry- Product category
- Renewable Energy Generation and Storage
- NAICS
- Hydroelectric Power Generation (221111), Solar Electric Power Generation (221114), Wind Electric Power Generation (221115)
- SIC
- Electric Services (4911), Engines & Turbines (3510)
- akta.pro primary industry
- Commercial Structuring & Offtake (PPAs, CfDs, Corporate PPAs, Merchant Strategy) (EUAMAAAE)
- akta.pro secondary industries
- Project Finance & Capital Structuring (Debt/Tax Equity/Project Bonds) (EUAMAAAD), Incentives, Grants & Program Administration (Auctions, Tenders, IRA/ITC/PTC Advisory) (EUAMAAAJ), Development Management & Owner’s Engineering (Design Basis, Yield, Technical Due Diligence) (EUAMAAAG)
Keywords
Where Genex Power is headquartered
LocationHeadquarters
- HQ city
- Sydney
- HQ country
- Australia
- HQ region
- Oceania
Offices6 records
Markets served
Genex Power business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales
Revenue model
- Energy Generation Sales: Sale of electricity generated from solar farms and pumped hydro into the National Electricity Market (NEM) at spot prices, supplemented by Large-Scale Generation Certificate (LGC) revenue.
- Long-term Power Purchase Agreements: Contracted revenue from 15-30 year PPAs with offtakers including Stanwell (550MW from Bulli Creek) and Queensland Government Revenue Support Deed for Kidston Solar.
- Battery Storage Services: Arbitrage and FCAS (Frequency Control Ancillary Services) revenue from battery storage operations, bidding into all eight FCAS markets with capability for future inertia and fast frequency response markets.
- Grid Services and Storage Agreements: Energy Storage Services Agreement with EnergyAustralia for Kidston Pumped Hydro (up to 30 years), providing dispatch rights and capacity payments.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels8 records
Genex Power product offering
Product offeringCore offering
Genex Power develops, owns, and operates large-scale renewable energy generation and storage infrastructure in Australia. Its portfolio includes grid-connected solar photovoltaic farms, a 250MW pumped storage hydro facility (the first developed in Australia in over 40 years), and utility-scale battery energy storage systems. Revenue is generated by selling electricity into the National Electricity Market, providing long-duration storage and grid services under long-term power purchase agreements and ancillary services contracts with energy retailers, utilities, and government entities.
Product overview
Genex Power Pty Ltd is an Australian renewable energy generation and storage company operating a portfolio of projects across Queensland and NSW. The company's portfolio consists of: Kidston Clean Energy Hub (flagship project combining 50MW Kidston Solar, 250MW/2,000MWh Kidston Pumped Storage Hydro under construction, and 270MW Kidston Hybrid Project in development), Bouldercombe Battery Project (50MW/100MWh operational BESS), Jemalong Solar Project (50MW operating solar farm), and Bulli Creek Clean Energy Project (up to 2.5GW multi-stage solar and BESS development). As of July 2024, Genex is a wholly owned subsidiary of J-POWER (Electric Power Development Co., Ltd).
Differentiator
Problem solved
Functional benefit
Brands
- Kidston Clean Energy Hub: Australia's first large-scale, co-located renewable energy project integrating solar, pumped hydro, wind, and battery energy storage (BESS) at the Kidston site in North Queensland.
- K2-Hydro
- BBP (Bouldercombe Battery Project)
- Bulli Creek Clean Energy Park
- K3-Hybrid (Kidston Hybrid Project)
Products and services
- Kidston Solar Project (KS1) 50MW operating solar farm located in Kidston, Far-North Queensland, featuring 540,000 First Solar thin-film panels with NEXTracker single-axis tracking. Operational since November 2017, generating up to 145,000MWh annually and powering approximately 26,000 homes. Sales revenue is backed by a 20-year Revenue Support Deed with the Queensland Government.
- Jemalong Solar Project 50MW operating solar farm located near Forbes in central NSW, generating up to 128,700MWh annually and powering approximately 23,000 homes. O&M contractor is Beon Energy Solutions.
- Kidston Pumped Storage Hydro Project (K2-Hydro) 250MW/2,000MWh pumped storage hydro flagship project, the first pumped hydro project developed in Australia in over 40 years. Repurposes two abandoned gold mine pits (Wises and Eldridge) as upper and lower reservoirs, eliminating the need for conventional dam construction. Provides 8-hour discharge duration with sub-30-second ramp-up for frequency response. Maintained and operated by EnergyAustralia under an Energy Storage Services Agreement for up to 30 years. Total funded construction cost of A$777M with financial close in April 2021.
- Bouldercombe Battery Project (BBP) 50MW/100MWh battery energy storage system (BESS) located in Rockhampton, Queensland, built using Tesla Megapack 2.0 hardware and operated under Tesla Autobidder software. Bids into all eight FCAS markets under an 8-year offtake agreement with Tesla providing a revenue floor guarantee in exchange for operating the plant and sharing upside.
- Kidston Hybrid Project (K3-Hybrid) Reconfigured from the original 258MW Kidston Wind Project, now combining 120MW of wind generation with 150MW/600MWh BESS (renamed the 270MW Kidston Hybrid Project). CPP Nacap JV is the principal contractor for balance of plant and construction delivery. Connects to Powerlink Queensland's 275kV transmission line.
- Bulli Creek Clean Energy Project Multi-stage renewable energy development with planned capacity of up to 2.5GW comprising solar PV generation and battery energy storage, located approximately 45km southwest of Millmerran, Queensland. Stage 1 (BC1) proposed as 300MW solar and 425MW/1,700MWh BESS hybrid facility. PCL Construction appointed EPC contractor for Stage 1. The 15-year PPA with Stanwell purchases 550MW capacity from Bulli Creek Stage 1 Solar Project (775MW facility). Arup appointed as owners' engineer.
Quantifiable outcome
- 350,000+ homes powered by clean energy from portfolio
- +4 more outcomes
Companies that use Genex Power
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
Genex Power technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature5 records
Genex Power partnerships and signals
Strategic signalPartnerships
16 partnerships are on record, tiered core and major.
- EnergyAustraliacoreEnergyAustralia holds dispatch rights for the Kidston Pumped Hydro facility through a Binding Energy Storage Services Agreement for up to 30 years, with an option to acquire the project. Provides long-duration storage capacity for EnergyAustralia's renewable portfolio.
- Stanwell Corporationcore15-year PPA with Stanwell for 550MW of capacity from Bulli Creek Stage 1 Solar Project. Additionally, SAMCo (Stanwell Asset Maintenance Company) has a 5-year O&M contract for Kidston Solar Farm. Partnership supports Stanwell's renewable energy transformation.
- McConnell Dowell & John Holland JVcoreJoint venture between McConnell Dowell and John Holland engaged as EPC Contractor for the 250MW Kidston Pumped Storage Hydro Project (K2-Hydro). Responsible for construction of this complex pumped hydro facility.
- TeslacoreTesla supplies Megapack 2.0 hardware for Bouldercombe Battery Project and provides Autobidder software for algorithmic dispatch optimization. Tesla operates the battery with revenue floor guarantee under 8-year offtake agreement.
- PCL ConstructioncoreCanada-based PCL Construction is the EPC contractor for Bulli Creek Stage 1 Solar Project (775MW), managing engineering, procurement and construction for what will be one of the largest solar farms in the Southern Hemisphere.
- Powerlink QueenslandcorePowerlink is delivering the 275kV transmission line to Kidston Clean Energy Hub and enabling grid connection for K3-Hybrid project. Connection agreement established for Bouldercombe Battery at adjacent substation.
- CPP Nacap Joint VenturemajorCPP Nacap JV is Genex's chosen principal contractor for the Kidston Hybrid Project (K3-Hybrid), responsible for balance of plant and construction delivery.
- SolarigmajorSolarig provides operations and maintenance services for Kidston Solar Project (50MW) and previously for Jemalong Solar Project, ensuring optimal performance of solar assets.
- ANDRITZcoreANDRITZ is the key equipment supplier for Kidston Pumped Hydro, providing the 125MW reversible turbines that enable generation and pumping operations.
- EnturamajorEntura serves as engineering consultant for Kidston Pumped Storage Hydro Project, providing technical expertise for this innovative pumped hydro development.
- ArupmajorLondon-headquartered Arup appointed as owners' engineer for Bulli Creek Stage 1 Solar Project, providing independent technical oversight during development.
- Beon Energy SolutionsmajorBeon Energy Solutions provides EPC and O&M services for Jemalong Solar Project (50MW) in central west NSW, supporting project delivery and ongoing operations.
- First SolarmajorFirst Solar Inc. supplies solar panels for Kidston Solar Project (540,000 panels), providing thin-film photovoltaic technology for the 50MW facility.
- NEXTrackermajorNEXTracker provides single-axis tracking system for Kidston Solar Project, enabling optimized solar panel orientation throughout the day for enhanced energy capture.
- SMAmajorSMA supplies inverters for Kidston Solar Project, converting DC power from solar panels to AC for grid connection.
- UGLmajorUGL Ltd served as EPC Contractor for Kidston Solar Project, successfully delivering the 50MW facility on-time and on-budget with construction completed in 2017.
Scale indicators14 records
Recent moves5 records
Expansion highlights6 records
Genex Power competitors and assessment
Company assessmentMarket position
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Genex Power social profiles
Digital presenceGenex Power financial estimates
Financial estimateRevenue estimate
Valuation estimate
Genex Power leadership team
Management profileNumber of profiles
Profiles13 records
Genex Power subsidiaries and ownership
Company hierarchySubsidiaries1 record
Genex Power funding detail
Funding detailFunding overview
Funding rounds9 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Genex Power M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Genex Power
What does Genex Power do?
Genex Power develops, owns, and operates large-scale renewable energy generation and storage infrastructure in Australia. Its portfolio includes grid-connected solar photovoltaic farms, a 250MW pumped storage hydro facility (the first developed in Australia in over 40 years), and utility-scale battery energy storage systems. Revenue is generated by selling electricity into the National Electricity Market, providing long-duration storage and grid services under long-term power purchase agreements and ancillary services contracts with energy retailers, utilities, and government entities.
Is Genex Power a public or private company?
Genex Power is a private company. It is classified as corporate owned and is currently operating.
When was Genex Power founded?
Genex Power was founded in 2014. It employs 11 to 50 people.
Where is Genex Power based?
Genex Power is headquartered in Sydney, Australia, in the Oceania region.
How does Genex Power make money?
Four revenue lines are on record. Energy Generation Sales are the primary driver. The others are long-term Power Purchase Agreements, battery Storage Services and grid Services and Storage Agreements.
Does Genex Power have an API?
No public API is recorded for Genex Power.
What industry is Genex Power in?
Genex Power's product category is Renewable Energy Generation and Storage. Its primary akta.pro industry code is EUAMAAAE, Commercial Structuring & Offtake (PPAs, CfDs, Corporate PPAs, Merchant Strategy), with a secondary code of EUAMAAAD, Project Finance & Capital Structuring (Debt/Tax Equity/Project Bonds). Its NAICS code is 221111 and its SIC code is 4911.