Clean energy developer Genex Power has “secured the final piece” of its project finance package for the 50MW/100MWh Bouldercombe Battery Project (BBP) in Queensland, Australia. 

Genex made an announcement to the Australian Securities Exchange (ASX) this morning. Having received firm commitments to a AU$40 million (US$29 million) capital raise to fund the project, it has now achieved contractual close for the standalone battery energy storage system (BESS). 

The announcement comes just two days after Energy-Storage.news reported that Genex had agreed a AU$35 million debt finance facility for BBP from specialist project finance fund manager Infradebt under a 12-year term.

Tesla will supply 40 of its Megapack grid-scale battery storage units to the project and the US tech company’s Autobidder trading and bidding platform will control its market-facing activities. 

Genex said the AU$40 million institutional placement, alongside the Infradebt loan, will go towards project construction costs as well as repay an existing debt facility to Australia’s national Clean Energy Finance Corporation and provide further working capital. 

“I am delighted to announce today the final piece for the project financing of the Bouldercombe Battery Project, being the completion of a AU$40 million institutional placement,” Genex Power CEO James Harding said, thanking the company’s existing institutional shareholders and welcoming new ones. 

“In acknowledgement of this support, I am pleased to confirm the launch of a AU$10 million Share Purchase Plan to allow our retail shareholders to participate in the capital raising on similar terms to investors under the institutional placement.”

Bouldercombe, along with Genex’s large-scale pumped hydro energy storage (PHES) plant under construction at Kidston, also in Queensland, “will add significant upside exposure for shareholders when it commences operation,” scheduled for mid-2023, Harding said.