GenusPlus Group Ltd (ASX:GNP) Secures $270 Million Contract
Contract Awarded
National essential power and communications infrastructure provider GenusPlus Group Ltd (ASX: GNP) has secured a contract valued at approximately $270 million from Western Power. This contract is part of the Clean Energy Link – North Region project, aimed at enhancing Western Australia’s electricity network for better connectivity and transport of renewable energy from the Wheatbelt and Mid West regions.
Project Scope and Impact
The project will involve the design and construction of two new terminals at Regans Ford and Eneabba, as well as major augmentation work on the existing Northern and Eneabba terminals. These enhancements are vital as modelling projects a potential tenfold increase in renewable energy generation capacity needed to meet future low-emissions electricity demand.
Work on the project is slated to commence in January 2025, with completion expected by mid-2027. The project anticipates peak staffing resources of around 140, primarily sourced from Genus’s existing workforce.
Executive Comments
Genus Managing Director, David Riches, expressed confidence in the collaboration. “Genus has worked with Western Power for many years and is very pleased to secure this project, which is very important for Western Australia as it moves towards a clean energy future,” said Riches. Western Power’s CEO, Sam Barbaro, added that this project is crucial for unlocking renewable energy generation opportunities while enhancing network capacity for the community and industry.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended GenusPlus Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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