GenusPlus Group Limited (Genus, the Group, ASX: GNP) is a specialist power and communications infrastructure and services provider operating across Australia. The Group designs, builds, and maintains electrical transmission and distribution networks, substations and battery systems. Applying the Group’s expertise in power networks, it also specialises in delivering integrated efficient and scalable communication networks including fixed and wireless infrastructure. GenusPlus listed on the ASX on 14 December 2020 at an issue price of 96 cents per share. 

$950M TasNetworks Head Contractor appointment

Genus Group has been named as Head Contractor for Stage 1 of the North West Transmission Developments (NWTD) project that will support the increased supply of low-cost, reliable renewable energy in Tasmania.

The estimated total project cost for NWTD Stage 1 is approximately $950 million and involves the upgrade and augmentation of the existing transmission network in North West Tasmania.

Stage 1 includes replacement of the existing 220kV single circuit transmission lines between Palmerston to Sheffield and Sheffield to Burnie with dual circuit 220kV transmission lines.

Long lead time for equipment and material procurement and Planning and Environmental approvals, and the Australian Energy Regulator’s revenue determination mean that the construction phase is expected to commence in the second quarter of 2026 and completion is scheduled for 2029.

The significance of this contract is that it followed an extensive procurement process undertaken by TasNetworks to ensure the highest standard of probity, fairness and equal opportunity. This ensures that the contract will deliver a balance of value for money and the highest safety and quality requirements and so augurs well for Genus in winning similar large-scale contracts supervised by the Australian Energy Regulator. 

Formal notice given for HumeLink Transmission Project to proceed

Following the ASX announcement on 4 December 2023 regarding the joint venture with ACCIONA (Genus 25 percent and ACCIONA 75 percent)), a formal notice to proceed from Transgrid on the HumeLink Transmission Project has been issued. The notice means that enabling works are scheduled to commence in early 2025 and works onsite are expected to commence in May 2025, with practical completion estimated for late 2027. 

HumeLink is one of New South Wales’ largest energy infrastructure projects connecting Wagga Wagga, Bannaby and Maragle and includes new and upgraded infrastructure at four substation locations. The total contract value is approximately $1.4 billion.

$140 M contract awarded by Ausgrid for the Hunter-Central Coast

Genus has been awarded a contract for approximately $140 million by Ausgrid for the Hunter-Central Coast Renewable Energy Zone sub- transmission line works.  

Works will include demolition of existing 132kV and 66kV sub-transmission lines, construction of 110 kilometres of a new 132kV and 66kV dual/single circuit sub-transmission line, replacement of 30 kilometres of earth wire with optical ground wire, and installation of 2 kilometres of All-Dielectric Self-Supporting cables. 

The initial stage of the project has an estimated value of $2 million and is to be delivered from December 2024 to February 2026, and the Construction Works is expected to commence in February 2026 and be completed in April 2028. Peak manning resources are expected to be 120, to be provided mostly from the Genus’s existing workforce with any additional manning required to be sourced locally if available. No capital expenditure will be required for the contract.

Looking Ahead

The $950 million TasNetworks appointment, the $1.4 billion HumeLink Transmission project go ahead (25 percent Genus), and the $140 M renewable energy contract awarded by Ausgrid for the Hunter-Central Coast, were confirmed in December 2024.  These contract amounts are material, and the related revenue will be delivered over the coming 4 years.  

These contracts exemplify the scale and frequency of electrical network infrastructure spending throughout Australia under the Australian Energy Market Operator’s Integrated System Plan. Moreover, this expenditure delivers high-quality, dependable, long duration, recurring revenue from Government utilities as Australia irreversibly transitions to renewable energy sources.

At the same time, Genus is establishing itself as the contractor of choice in the Australian sustainable energy system transformation that requires the construction of power lines and transmission towers to move renewable energy from source, to where it is needed. This structural change in Australia’s energy system is likely to underpin consistent earnings growth for Genus’s shareholders in the decade ahead.