Ann: Latrobe Magnesium Community Presentation, page-24

Some further info flowing on from previous .. all from the fin Review,

Taxpayers prop up Genex Power’s pumped hydro project

Genex Power’s $777 million Kidston pumped hydro project in north Queensland has received more public funding than its total capital cost, casting doubt on the value of using taxpayers’ money for a technology that has been around for more than 100 years.The high-profile project, using an abandoned gold mine, west of Townsville, for a 250 megawatt storage and generation facility, has long been the darling of renewable energy advocates.

The high-profile project, using an abandoned gold mine, west of Townsville, for a 250 megawatt storage and generation facility, has long been the darling of renewable energy advocates.

The Kidston pumped hydro project has received a $610 million loan from the Northern Australian Infrastructure Facility as well as $47 million from the Australian Renewable Energy Agency.ARENA also agreed to convert an earlier $9 million loan into a full grant that doesn’t need to be paid back, which effectively increases the grant funding from ARENA to $56 million.There was also $54 million in debt finance from the Clean Energy Finance Corporation for the neighbouring 50 megawatt solar farm, which is attached to the pumped hydro project.

The Queensland government – which is trying to reach a 50 per cent renewable energy target by 2030 – is also funding and building the $147 million, 186-kilometre transmission line linking the Kidston project to the energy grid.It has also received an off-take agreement of up to 30 years from EnergyAustralia.

Grattan Institute energy program director Tony Wood said it was clear Genex’s Kidston project needed taxpayer money to get it across the line.“I think there is a lot of question marks about why this project received so much public funding,” Mr Wood told AFR Weekend.

It is not what you know ... time we all started to drop our rose coloured glasses when thinking about out our country. Better than most but some very rotten bits