has opened its books to a consortium that includes a co-founder of software company Atlassian after receiving a higher takeover bid for their portfolio of clean energy assets including the Kidston pumped hydro project.which includes Skip Capital – owned by Atlassian co-founder Scott Farquhar and his wife Kim Jackson, a former investment director at Hastings Funds Management – and US private equity firm Stonepeak.
Genex Power’s pumped hydro storage project, which repurposed the abandoned Kidston gold mine, is a key renewables project in Queensland.The new bid represents a premium of 85 per cent to the Genex share price of 13.5 cents and 92 per cent to the three-month volume weighted average price of 13 cents per Genex share.
“The provision of due diligence will be on a non-exclusive basis and subject to the terms of a confidentiality agreement between the consortium and Genex.”The revised offer for Genex comes amid escalating interest in clean energy projects as the new Labor government throws its weight behind Australia’s commitment to achieve net zero emissions by 2050.