GenusPlus secures ~$55 million Rio Tinto substation contract
GenusPlus Group (ASX: GNP) has been awarded a circa $55 million contract by Rio Tinto (RTIO) for the construction of the 220kV Millstream Substation expansion in Western Australia’s Pilbara region.
The contract falls under the Master Construction Agreement (MCA) between the two parties. Work is set to commence immediately, with completion estimated for mid-2028.
The award marks a notable step for Genus as it converts its tender pipeline into confirmed orderbook heading into FY2027, adding a multi-year revenue tail anchored by a blue-chip mining counterparty.
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Contract details and project scope
The scope covers construction of the 220kV Millstream Substation expansion at the Millstream Substation Project Site. The site is located approximately 80km south of Karratha, north-east of the Millstream-Chichester National Park in the Pilbara region of WA.
Genus expects its project workforce to comprise approximately 50 personnel. Construction commences immediately and is estimated to be completed in mid-2028.
Key facts at a glance:
- Contract value: ~$55 million
- Client: Rio Tinto (RTIO)
- Location: ~80km south of Karratha, Pilbara WA
- Workforce: ~50 personnel
- Start: immediate | Completion: mid-2028
- Framework: Master Construction Agreement (MCA)
| Metric | Detail | Investor Impact |
|---|---|---|
| Contract value | ~$55M | Adds to confirmed orderbook |
| Timeline | Immediate to mid-2028 | Multi-year revenue visibility |
| Client | Rio Tinto | Blue-chip counterparty |
| Workforce | ~50 personnel | Operational scale |
Building on the Rio Tinto relationship
The substation award extends Genus’s existing relationship with Rio Tinto. In March 2026, Genus was awarded an MCA for Electrical, Instrumentation and Controls (“EIC”) works from Rio Tinto.
The scope of the MCA is covered by Rio Tinto Iron Ore Pilbara Projects and includes construction, brownfields expansion, and end-of-life replacement across Rio Tinto’s Pilbara iron ore operations, spanning mines, ports, rail, and associated infrastructure. The agreement carries a three-year term with extension options.
The Millstream award builds on that framework, deepening a relationship the company has described as long and successful.
David Riches, Managing Director
“We are delighted to secure the 220kV Millstream Substation contract and continue to build on our long and successful relationship with Rio Tinto. We look forward to completing the works safely and on time. This contract award is important as we convert our strong tender pipeline to orderbook heading into FY2027.”
What a substation contract means for investors
For Genus, an end-to-end specialist in power, rail and communications infrastructure, projects of this nature sit at the core of its service offering.
Energy transition tailwinds have been a consistent theme in Genus’s recent guidance upgrades, with the company citing accelerating demand across its Energy and Engineering segment as a structural driver that complements the contracted revenue it secures through agreements like the Rio Tinto MCA.
Orderbook momentum into FY2027
The award converts part of the company’s tender pipeline into confirmed orderbook, a point emphasised by management. With works extending through to mid-2028, the contract carries a multi-year revenue tail.
The three-year MCA, with its extension options, also leaves scope for further project drawdowns across Rio Tinto’s Pilbara operations, though the announcement does not quantify total orderbook value, contract margins, or earnings impact.
The Millstream award sits within a broader strategic expansion for Genus: the MPC Kinetic acquisition, announced in May 2026 for up to A$400 million, is expected to nearly double the group’s pro-forma EBITDA to approximately A$195 million and extend its service capability into civil balance-of-plant and gas infrastructure alongside its core electrical offering.
Key watchpoints from here:
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Project commencement (immediate)
-
Progress toward mid-2028 completion
-
Further MCA drawdowns across Pilbara operations
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About GenusPlus Group
GenusPlus Group is an end-to-end specialist service provider for essential power, rail and communications infrastructure. The company provides an integrated service offering to customers in the resources, energy, utilities, rail and communications sectors across Australia.
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