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GENUSPLUS GROUP LTD — Capital/Financing Update 2025
Jan 9, 2025
65005_rns_2025-01-09_37df859b-27bf-4c89-829b-30b8be7321ad.pdf
Capital/Financing Update
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ASX Release 10 January 2025 For immediate release to the market
GENUSPLUS AWARDED CONTRACT FOR WESTERN POWER CLEAN ENERGY LINK – NORTH REGION PROJECT
HIGHLIGHTS:
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Genus has been awarded a contract for Western Power’s Clean Energy Link – North Region project
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Contract value of approximately $270 million
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Work will commence in January 2025 with scheduled completion expected mid-2027
National essential power and communications infrastructure provider GenusPlus Group Ltd (ASX: GNP) ( Genus or the Company ) has been awarded a contract by Western Power for the Clean Energy Link – North Region project.
The project will strengthen Western Australia’s largest electricity network to ensure it can connect and transport a greater supply of renewable energy from the Wheatbelt region and the Mid West region – an ideal location to harness the power of wind and solar energy as WA moves towards net zero by 2050.[1]
The Western Australian Government is investing significantly in the upgrade of the State's main electricity network to unlock renewable energy generation opportunities and facilitate decarbonisation. Strengthening the northern ‑ transmission network is critical, with modelling indicating a 10 fold increase in renewable generation may be needed to meet future low-emissions electricity demand.[2]
The project will include new 330kV & 132kV terminal builds within the existing network footprint to significantly increase transmission capacity and enable new energy sources to come online, as well as existing line conversions and reinforcement work to significantly improve the flow of renewable energy to and from the area.[3]
The contract is for approximately $270 million and includes the design and construction of two new terminals at Regans Ford and Eneabba and an associated line, and augmentation of the existing 330kV Northern and Eneabba terminals. The work will commence in January 2025 with scheduled completion expected mid-2027. Peak manning resources are expected to be 140, to be sourced mostly from the Company’s existing workforce.
Genus Managing Director, David Riches, said Genus was very pleased to continue developing its long-standing relationship with Western Power as it undertakes these works on Clean Energy Link North.
“ Genus has worked with Western Power for many years, and is very pleased to have secured this project and to be able to continue working with Western Power on a project that is very important to Western Australia as it moves towards a clean energy future. Genus is looking forward to continuing to develop its longstanding relationship with Western Power as a key delivery partner .
Western Power Chief Executive Officer, Sam Barbaro, said Western Power is working at pace to help expedite the transition to a sustainable energy system, paving the way for community and industry to reach their decarbonisation goals.
08 9390 6999 Level 1, 63-69 Abernethy Road, Belmont WA 6104
GenusPlus Group Ltd | ABN 86 620 283 561
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ASX Release 10 January 2025 For immediate release to the market
“ We look forward to working closely with Genus on this project which is key to unlocking renewable energy generation opportunities in the Mid-West, increasing the critical capacity of our northern network for the benefit of industry and the community. We’re continually investigating network capacity expansion and strengthening options that maximise the use of existing network infrastructure, corridors, and easements and minimise impacts on the communities and the environment.
The Board of the Company has authorised the release of this announcement to the market.
For more information:
INVESTOR ENQUIRIES
David Riches [email protected] +61 8 9390 6999
Damian Wright [email protected] +61 8 9390 6999
ABOUT GENUSPLUS
GenusPlus Group Ltd is a specialist power and communications infrastructure and services provider operating across Australia. With years of practical experience across Australia, we design, build and maintain electrical transmission and distribution networks, substations and battery systems.
We enable customers to integrate new generation technology into traditional networks and support emerging networking solutions, meeting the demands of a carbon neutral economy.
Capitalising on our expertise in power networks and using the world’s best knowledge and technology, we also specialise in delivering integrated, efficient and scalable communication network solutions, including network design, and fixed and wireless infrastructure supported by real time network management expertise and capability.
Further information is available at www.genus.com.au.
08 9390 6999 Level 1, 63-69 Abernethy Road, Belmont WA 6104 www.genus.com.au
GenusPlus Group Ltd | ABN 86 620 283 561
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