GenusPlus wins $55 million Rio Millstream contract

Energy infrastructure specialist GenusPlus Group will deliver a 220kV upgrade to Rio Tinto‘s Millstream substation after being awarded a $55 million master construction contract.

The works will begin immediately and are expected to be completed in min-2028, and follow on from GenusPlus being awarded a similar master construction agreement in March of this year, for the construction of Rio Tinto‘s electrical instrumentation and controls.

The March contract, which will run for three years, covers Rio Tinto‘s iron ore Pilbara projects and includes construction, brownfield expansion, and end-of-life replacement across the company’s Pilbara operations.

Speaking after the award of the company’s latest contract, Genus Managing Director David Riches said the contract extended a long-running relationship between the two companies.

“We are delighted to secure the 220kV Millstream Substation contract and continue to build on our long and successful relationship with Rio Tinto,” he said.

“We look forward to completing the works safely and on time. This contract award is important as we convert our strong tender pipeline into order book heading into FY27.”

The contract also comes hot off the heels of the company’s $400 million move to buy out Brisbane-based MPC Kinetic, in a move which gave the company east coast gas exposure.

That deal will give Genus access to the onshore gas sector in Queensland, where MPK is a leading provider of gas gathering and well maintenance services, along with other pipeline and renewable projects.

Genus has agreed to pay $325 million up front, and a further $25 million six months after the deal is done, and earn-out consideration worth up to $50 million – subject to earnings targets.