FRV, Genesis reach fin close on 47-MW New Zealand PV project

Fotowatio Renewable Ventures (FRV) and New Zealand power and gas utility Genesis Energy Ltd (NZE:GNE) have achieved financial closing on a 47.2-MW/63-MW DC solar park project in New Zealand, the partners said on Monday.

The Lauriston project will be implemented by a joint venture that FRV Australia and Genesis set up in late 2021 with a goal to deploy up to 500 MW of solar power capacity across New Zealand in five years.

To be installed in Lauriston, on the Canterbury Plains, the photovoltaic (PV) park will cover a 93-hectare site and will be capable of producing enough electricity for almost 13,000 homes annually. Its entire output will be sold to Genesis Energy under a newly-signed power purchase agreement with a 10-year term.

With early works already in progress by contractor Beon, initial power generation from the plant is expected late this year.

According to the statement, Lauriston is the largest solar project in New Zealand reaching the financial close stage. FRV and Genesis estimate the required building costs at NZD 104 million (USD 64.4m/EUR 58.8m) and said debt funding is in place from the Bank of New Zealand (BNZ) and MUFG Bank Ltd (MUFG).

The JV partners noted they are assessing three other sites to add up to 400 MW of PV capacity in the North Island of New Zealand.

(NZD 1.0 = USD 0.619/EUR 0.565)

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