Genesis Energy has given the green light to its $236 million Edgecumbe Solar Farm project in the Bay of Plenty.
The project is anticipated to produce sufficient electricity to power approximately 29,800 homes by the latter half of its 2027 financial year.
Construction is set to begin soon. When operational, the Edgecumbe Solar Farm will have the capacity to produce approximately 238 gigawatt hours (GWh) each year.
Horizon Networks has been selected to design and build the overhead line that will connect the site to the national grid. Global industrial and energy company Metlen, via its Renewables and Energy Transition Platform Sector, has been contracted for the engineering, procurement, and construction of the solar farm.
Genesis said the Edgecumbe project will be initially financed using its own balance sheet. After commissioning, Genesis remained open to opportunities for “capital recycling” or involving other parties in the project.
“This aligns with the three approaches to capital management already announced: by investing directly from its own balance sheet, using third-party capital with joint ventures and power purchase agreements to indirectly leverage third-party capital,” the company said.
“These capital management options enable Genesis to deploy capital efficiently while maintaining our BBB+ credit rating and financial flexibility for future Gen35 [renewable energy] investments.”
The choice to move forward with Edgecumbe comes after Genesis’ October announcement to develop a solar farm at Rangiriri, near Huntly. The project is slated for completion in the second or third quarter of the 2026 financial year.