The GenusPlus Group Ltd (ASX: GNP) share price is in focus today after the company announced it will begin construction on the first stage of the TasNetworks North West Transmission Developments project, with total works valued at around $750 million.
Image source: Getty Images
What did GenusPlus report?
- TasNetworks has issued a Notice to Proceed to GenusPlus for the Construction Phase of NWTD Stage 1
- Construction work is set to commence immediately and is planned for completion in 2029
- Total project value is approximately $750 million, including Early Works and Early Contractor Involvement phases ($122 million)
- The project covers essential power infrastructure in Tasmania
What else do investors need to know?
The announcement follows several earlier updates from GenusPlus about its agreements with TasNetworks, most recently on 8 May 2026. The project is a major contract win for GenusPlus and represents a significant milestone in its growth, given the scale and long-term nature of the work.
GenusPlus is set to play a central role in delivering critical infrastructure for Tasmania, aiming to create local employment and engage Tasmanian suppliers. This contract demonstrates the company's ongoing strength in the utilities and infrastructure sector across Australia.
What did GenusPlus management say?
GenusPlus Managing Director, David Riches, said:
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.
What's next for GenusPlus?
GenusPlus will now shift focus to delivering the construction phase of the TasNetworks NWTD project, with works scheduled until 2029. The company looks set to benefit from its expanded role as an essential service provider in the power and infrastructure sector.
Investors can expect ongoing updates on project milestones and further information about GenusPlus' strategy to collaborate with local businesses and deliver benefits to both Tasmania and broader Australia.
GenusPlus share price snapshot
Over the past 12 months, GenusPlus shares have risen 66%, outperforming the All Ordinaries Index (ASX: XAO).
