A new solar farm near Christchurch set to power 13,000 homes is officially under construction, as Genesis Energy ramps up its renewable energy efforts with the help of a Saudi Arabian investment firm and Canadian
Govt-owned Genesis, Saudis and Canadians building $104m solar farm
Genesis has a 40 per cent equity share in the project, worth about $13 million, and had signed an agreement to purchase all of the energy the solar farm generated for a decade from its expected start date in the second quarter of 2025.
Genesis and FRV teamed up in late 2021 to develop up to 500MW of solar power here over five years - which they say would power 100,000 households or 185,000 electric vehicles per year.
They’re now eyeing three more potential solar farm sites in Northland that would make up 400MW of their target if they followed through.
FRV has seven operational solar farms in Australia, with a handful under development.
FRV and Genesis bought the Canterbury site from United Kingdom developer Hive Energy in December 2022.
It’s now being built by Australian construction company Beon Energy at an expected cost of $104 million.
The project is being funded by debt from the BNZ and and Japananse bank Mitsubishi UFJ Financial Group (MUFG).
Genesis aimed to produce 95 per cent of its energy from renewable sources - solar, wind and geothermal - by 2035, with net zero emissions by 2040.
“It will enable us to provide cleaner energy to our customers, while also reducing emissions from our generation portfolio,” Genesis Energy chief wholesale officer Tracey Hickman said in an emailed update of the solar farm project.
“The pleasing aspect of this project is it shows the value of our joint venture and that the model we have put in place for Lauriston works.
“It has allowed us to sign quality delivery partners, including our lead contractor, equipment suppliers and lenders.”