Hydro power generation company Genex Power will list on the ASX today with the feasibility study for its flagship Queensland Hydro Electricity Project already underway.
Genex raised $8 million from institutional and retail investors based on an offer price of 20 cents per share, with 40 million shares issued.
Under the development plan, the old Kidston gold mine in Northern Queensland will be transformed into a large scale hydroelectric power plant to supply much needed electricity to the state during periods of peak demand.
Genex Managing Director Michael Addison said the company had had positive engagement with the Queensland Government and the approvals process for the project was advancing well.
“Our project represents significant infrastructure for Queensland and has received strong support from the State Government,” Mr Addison said.
“Once developed, it will be a long life infrastructure asset with the ability to generate good returns for shareholders.”
It will be the third largest hydroelectric energy storage project in Australia and is scheduled for completion in 2018.