FRV Australia, Genesis break ground on 63-MW New Zealand solar project

Global renewables company Fotowatio Renewable Ventures (FRV) said on Wednesday that its Australian unit broke ground on the 63-MW Lauriston solar farm in New Zealand, kicking off a project it promoted with its local joint venture (JV) partner, power and gas utility Genesis Energy Ltd (NZE:GNE).

The solar farm will be assembled on a 93-hectare (229.8 acres) site located one hour’s drive from Christchurch on the Canterbury Plains. Construction, which is expected to cost around NZD 104 million (USD 61.7m/EUR 57.7m), has been entrusted to contractor Beon, FRV said.

FRV Australia and Genesis Energy secured debt funding for the Lauriston project from Bank of New Zealand and MUFG Bank Ltd at the end of 2023. As a JV, they signed a ten-year power purchase agreement (PPA) with Genesis Energy, which will off-take all electricity generated by Lauriston.

FRV Australia and Genesis Energy set up their JV in late 2021, aiming to develop 500 MW solar projects in New Zealand. They were close to meeting their target in August 2023, when they added 400 MW of solar sites to the joint portfolio, which at time only contained Lauriston.

FRV Australia is a JV between Saudi Arabia’s Abdul Latif Jameel Energy and Canadian pension fund and asset manager and investor OMERS Infrastructure.

(NZD 1.0 = USD 0.593/EUR 0.555)

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