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Power Play: Genex Shares Rise 45% on Atlassian Founder’s VC Fund Takeover

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Two months after Mike Cannon-Brookes made a daring but ultimately doomed takeover bid for AGL, Atlassian co-founder and co-billionaire Scott Farquhar is making his own energy game with a $320 million tilt at ASX-listed Genex Power. Limited (ASX: GNX).

Genex shares rose a whopping 50% on the news on Monday before closing 45% at $0.195, still well below its acquisition price of 23c per share, a 70% premium to the company’s stock price last Friday.

Farquhar’s bid, in a consortium controlled by the VC family run by his wife Kim Jackson, has seen Skip Capital build a 19.9% ​​stake in Genex, including an 11.2% stake in Genex. was acquired in March. About 9% of the company changed in two transactions last week

US alternative asset manager Stonepeak Partners is also part of the indicative and non-binding offer for the 11-year-old renewable energy producer, whose assets include the five-year-old Kidston Solar Project, which generates up to 50 MW of power. The company has also converted the Kidston Gold Mine into a 250 MW pumped-storage plant. Government Renewable Energy Agency ARENA has pledged $47 million for that project.

Genex also runs the 50MW Jemalong Solar Project at Forbes in western NSW, and has a deal with Tesla for its 50MW battery storage project near Rockhampton, Queensland.

Genex released its quarterly results through June 30 yesterday, reporting $8.6 million in revenue, with solar farms totaling for FY22 at $26.1 million, with net operating cash flow for the first time in a full year at $4 million.

Genex CEO, James Harding, said both the Kidston Stage 1 Solar Farm and the Jemalong Solar Farm were able to take advantage of the recent surge in wholesale electricity prices to secure record revenues and cash flow.

“Our development focus is also on the Kidston Stage 3 Wind Project, the next phase of the Kidston Clean Energy Hub. During the period, we formalized a joint development agreement with our partner, J-POWER, which included an additional $3 million in committed funding for the project development activities,” he said.

“The project continues to progress in line with its development timeline, with the goal of a final investment decision in 2H CY2023.”

Skip Capital’s offer for Genex is subject to various conditions, including due diligence and unanimous board support. it also needs approval from the Foreign Investment Review Board.

Genex has appointed Goldman Sachs as financial advisor and Gilbert + Tobin as legal counsel for the offer.

“The Genex board has not yet formed an opinion on the merits of the indicative proposal or any potential further involvement with the consortium,” the company said in a statement to the ASX.

“There is no assurance that the Genex Board will continue to cooperate with the Consortium with respect to the Indicative Proposal or that the Potential Transaction (or any other transaction involving Genex and the Consortium) will proceed.”

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