Meridian Energy and Nova Energy have announced a partnership to develop the Te Rahui solar farm near Taupō, which is set to provide renewable energy to over 100,000 customers.
This project, with a total investment of approximately $660 million, will be executed as a 50-50 joint venture between the two companies.
Meridian’s chief executive officer, Neal Barclay, stated that the power companies anticipate receiving approval for the 400 MW solar farm in the first quarter of next year.
“I think this is a really big project; it’s $660 million, so by splitting the commercial risk across two entities, it’s a more sensible commercial proposition for both of us going forward. We’ve found that we’re very aligned in terms of what we’re trying to achieve here, which is produce renewable energy for New Zealanders, and so the joint venture is on a really solid, sound footing.”
Barclay mentioned that the project will be constructed on a currently operational dairy farm.
“As the solar farm is built out, the dairying will be reduced and replaced by sheep farming. We’ll have this really nice, harmonious relationship we believe between renewable energy and good agricultural use of our land.”
Nova CEO Babu Bahirathan stated that the project represents a crucial advancement in Nova’s efforts to diversify into renewable energy, and the partnership highlights the effectiveness of collaboration in propelling ambitious renewable energy initiatives forward.
“With a strong New Zealand-owned company like Meridian alongside us, we can accelerate the development of much-needed electricity supply and continue our planned build-out of large grid-scale solar projects,” Bahirathan said.
Nova Energy is recognised as New Zealand’s fifth largest electricity retailer and stands out as one of the country’s major wholesalers and retailers of natural gas. The company has gained a reputation for providing reliable energy services at competitive prices.
Meridian Energy is New Zealand’s largest electricity company, boasting a diverse portfolio of renewable energy generation assets, primarily focused on hydro and wind power.