Genesis Energy has finalised an exclusivity agreement with Malaysia’s Yinson Renewables.
The generator-retailer said the agreement would allow the company to act as a power off-taker or co-investor alongside Yinson, which belongs to Yinson Holdings Berhad.
“Yinson projects are at various stages of development and represent a significant pipeline of wind opportunities in New Zealand,” Genesis chief operating officer Tracey Hickman said during an investor day presentation.
Yinson will handle the project delivery, while Genesis will have the opportunity to join the projects—as they develop—which aim to provide up to 1000 megawatts (MW).
“Through this partnership, we are excited to have secured significant additional onshore wind development optionality,” Hickman said.
Genesis and Taranaki Offshore Partnership have also signed a memorandum of understanding to explore future offshore opportunities.
“With our ownership in the Kupe JV [gas well] nearby and our ability to firm renewable supply and write long-term offtakes, there is strong strategic alignment in exploring this potential together,” Hickman said.
She said Genesis now boasts a diversified, high-quality portfolio pipeline, including solar, wind, battery storage, and geothermal power generation.