Genus cleared to begin construction on $750m TasNetworks transmission project
TasNetworks has issued GenusPlus Group (ASX: GNP) a Notice to Proceed on the Construction Phase of Stage 1 of the North West Transmission Developments (NWTD) project in Tasmania.
The total works are valued at circa $750 million, inclusive of the previously announced Early Contractor Involvement (ECI) and Early Works Agreement (EWA) phases. Work under the Construction Phase commences immediately and is scheduled for completion in 2029.
The milestone confirms that all conditions to which the Construction Phase was subject have now been met, moving an existing engagement into its next delivery stage.
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What the Notice to Proceed means for Genus
A Notice to Proceed clears the final conditions attached to a contract and formally authorises the contractor to begin the full construction scope. For Genus, it confirms the transition from early-stage works into active build.
The value structure of the engagement stacks as follows. Genus previously announced ECI and EWA phases valued at $122 million, which included the procurement of long-lead items. The total contract value for the project, inclusive of the ECI and EWA phases, is circa $750 million.
The $122 million figure sits within the circa $750 million total. It is not a separate or additional award.
| Item | Detail | Investor significance |
|---|---|---|
| Notice to Proceed | Issued by TasNetworks; all conditions met | Unlocks the full construction scope |
| Total contract value | Circa $750 million (incl. ECI and EWA) | Large-scale utility engagement |
| ECI/EWA value | $122 million (incl. long-lead items) | Portion already announced, sits within the total |
| Construction start | Immediate | Active construction work commences |
| Scheduled completion | 2029 | Multi-year earnings visibility |
Inside the North West Transmission Developments project
Transmission infrastructure refers to the high-voltage networks that carry electricity over long distances, connecting generation sources to the substations and distribution systems that feed homes and businesses. Projects such as NWTD support the movement of power across regions and underpin the connection of new energy sources to the grid.
For Tasmania, transmission upgrades are tied to the state’s role in delivering renewable energy and strengthening grid connectivity across Australia. Building out this capacity requires large, multi-year construction programmes.
Long-dated construction contracts carry particular significance for investors. A project running through to 2029 provides revenue visibility and adds to a contractor’s earnings backlog, offering a clearer view of forward workload than shorter, one-off jobs.
The contract progression contributed to a period of strengthening financial momentum for the company, with the FY2026 earnings guidance upgrade lifting EBITDA expectations to $96 million-$100 million on the back of strong organic trading performance across its core segments.
Why this matters for the investment case
GenusPlus is an end-to-end specialist service provider for essential power, rail and communications infrastructure, serving customers in the resources, energy, utilities, rail and communications sectors across Australia. A project of this scale reinforces its positioning in large-scale utility work.
The NWTD contract sits alongside a period of significant corporate activity for the company, with the MPK acquisition adding gas gathering, civil balance-of-plant, and renewable energy construction capabilities that broadened its service offering well beyond transmission work.
The Construction Phase extends the company’s delivery runway through 2029, providing a multi-year revenue horizon anchored by a single major engagement.
David Riches, Managing Director
“Genus has worked closely with TasNetworks to reach this important milestone; and with the start of construction imminent we’re proud to move into the next phase of delivering this critical infrastructure for Tasmania and Australia. We’re committed to creating opportunities for Tasmanians throughout the project, from employing local people to engaging Tasmanian business and suppliers. By combining Genus’ capability and experience with local knowledge and expertise, we can deliver lasting value for the community”.
Riches also outlined the company’s local commitment across the project, including:
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Employing local Tasmanian people
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Engaging Tasmanian businesses and suppliers
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Combining Genus capability and experience with local knowledge and expertise
What comes next
Construction begins immediately and runs through to scheduled completion in 2029. The engagement progressed through a series of prior milestones, referenced in the company’s ASX announcements dated 24 December 2024, 28 April 2026 and 8 May 2026, before reaching the Construction Phase.
The Board of the Company authorised the release of the announcement to the market.
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