Genex Power Limited advised on $40m institutional placement and $10m share purchase plan

Henry William Lawyers has advised Genex Power Limited (ASX:GNX) on a $40 million institutional placement and a $10 million share purchase plan, which was announced to the ASX on 23 February 2022.

The Henry Williams team was led by Partner Tom Morgan who was supported by Special Counsel Stella Lee, and solicitor Seric Han.

The firm’s team worked closely with the Genex team, including CEO James Harding, CFO Craig Francis, Non-Executive Director Simon Kidston, Company Secretary Justin Clyne and General Counsel Ana Gomiero. Henry William Lawyers advised Genex on all legal facets of the placement and SPP. Canaccord Genuity (Australia) Limited and Morgans Corporate Limited acted as Joint Lead Managers to the Placement and Euroz Hartleys Limited acted as Co-manager to the Placement.

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 50MW/100MWh 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 470MW 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 the Genex’s 50MW/100MWh 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 CEO 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.