Genex Power stocks have seen a 10.3% rise, reaching A$0.16, which could potentially mark the company’s best peformance since late August.

The increase appears to be a result of an agreement with iron ore company Fortescue, in which Fortescue has committed to buy power from the Bulli Creek Solar and Battery Project for the coming 25 years.

This deal stipulates an offtake of up to 337.5 MW of solar energy from the project.

Following this development, the value of GNX stocks has now reached its highest level since September 26, with a year-to-date increase of 7.4% until the most recent closing.

Genex Power is a company specialising in energy and storage.