Estimated to cost A$330m ($234.6m), the K2-Hydro project will be built in the Etheridge Shire Council Local Government Area near the township of Kidston in north-west Queensland.
It will utilize two existing mining pits in Kidston located approximately 270km north-west of Townsville.
Genex Power CEO James Harding said: “Genex is very pleased to finalize the environmental approvals for the K2-Hydro project and allow efforts to be squarely focused on achieving financial close.
“Genex wishes to thank the Office of the Coordinator General for assisting with the approvals process and for the strong support shown to date for the development of the Project.”
The K2-Hydro project forms part of the Kidston Renewable Energy Hub, which also includes 320MW of solar projects and a 150MW wind farm.
Genex said: “The approval process was facilitated by the Office of the Coordinator General, a benefit provided to the Project following the Coordinated Project declaration by the Queensland State Government in October 2018 under the State Development and Public Works Organisation Act 1971 (Qld).”
As per the Coordinator General’s evaluation in granting the final approval, the K2-Hydro Project supports Queensland Government’s aims to generate 50% of its power from renewable sources by 2030, as well as add stability and strength to the North Queensland network.
In addition to reducing the need to import electricity, the project would contribute to the Australian Renewable Energy Target and the development of a Renewable Energy Zone in Far North Queensland.
Scheduled to be commissioned in 2022, the K2-Hydro project will create 320 jobs during construction phase. The project is estimated to have an operational life of 80 years.
Earlier, John Holland, in a joint venture with McConnell Dowell, announced to start early works for the project in February.
In September 2018, Genex Power has secured a development approval (DA) from the Etheridge Shire Council (ESC) for the Kidston hydro project.
The approval process involved referrals to several State Government entities, including the Department of Natural Resources, Mines and Energy (DNRME) for the approval of the Wises Dam structure.
