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Genex Power Limited advised on $40m institutional placement, $10m share purchase plan
Henry William Lawyers has advised Genex Power Limited on a $40 million institutional placement and a $10 million share purchase plan.
Naomi Neilson
Firm: Henry William Lawyers (Genex)
Value: $50 million.
Area: Corporate.
Key players: The team was led by partner Tom Morgan with support from special counsel Stella Lee and solicitor Seric Han.
Deal significance: Genex Power Limited has a portfolio of more than $1 billion of renewable energy generation and storage projects across Australia.
Genex’s first battery energy storage system, the 50-megawatt/100-megawatt-hour Bouldercombe Battery Project located in Central Queensland, achieved contractual close in February 2022 and is scheduled to commence operation in mid-2023. With up to 470 megawatts of renewable energy and storage projects in the company’s development pipeline, Genex is well placed as Australia’s leading renewable energy and storage company.
The proceeds of the placement and SPP will be used to fund the equity contribution for the construction of Genex’s 50-megawatt/100-megawatt-hour Bouldercombe Battery Project and for general working capital purposes.
“The Bouldercombe Battery Project, which complements our fully funded Kidston Pumped Storage Hydro Project currently under construction, is an exciting addition to the company’s portfolio and will add significant upside exposure for shareholders when it commences operation in mid-CY2023,” said Genex chief executive James Harding.
“Having advised Genex on its IPO in 2015, and on various equity capital raisings since then, it has been a privilege to work with the highly commercial and dedicated team from Genex again on this transaction,” said Mr Morgan.
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
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