Genesis, FRV add 400 MW of solar sites to New Zealand portfolio

New Zealand power and gas utility Genesis Energy Ltd (NZE:GNE) has secured three sites in the North Island to build 400 MW of solar farms alongside its joint venture (JV) partner, renewables developer FRV Australia.

Situated in Manawatu, Waikato and Hawke’s Bay and spanning a total of 740 hectares (1,829 acres), the sites are expected to accommodate 200 MW, 100 MW and 100 MW of capacity, respectively. The cost of development is estimated at NZD 600 million (USD 358.2m/EUR 328.3m), Genesis said.

Construction timeline is subject to regulatory processes and the final investment decision. The JV partners expect the first of the solar plants to start generating electricity by 2026.

Earlier this year, Genesis and FRV Australia, itself a JV between Abdul Latif Jameel Energy and OMERS Infrastructure, acquired a 52-MW fully consented solar project near Lauriston, New Zealand. The final investment decision for the Lauriston project is expected before the end of 2023, with construction starting shortly after, the utility added.

With Lauriston and the latest batch of projects, the Genesis-FRV Australia partnership has approached its target of developing up to 500 MW of solar in the country within five years.

(NZD 1.0 = USD 0.597/EUR 0.547)

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