Construction of the Te Rahui solar farm, located in Rangitāiki near Taupō, is progressing following the signing of definitive agreements between Meridian and Nova. The two companies will share 50/50 ownership of the project and have secured NZ$300 million in financing through ANZ for the first phase, which provides for 200 MW.
The initial construction, operations and maintenance contracts have been awarded to Beon Energy, a company specializing in renewable energy with extensive experience in Australia and New Zealand.
An absorption and shared consumption scheme
[post_relacionado]Meridian will assume 100% of the electricity production through a power purchase agreement. power purchase and sale agreement (PPA), while (PPA), while Nova will enter into a contract for difference for 50%. This scheme seeks to guarantee financial and operational stability for both parties.
Nova received resource approval in April 2024, and the first phase is expected to start operations in mid-2026, reaching full capacity in 2027. The second phase, also of 200 MW, is in the evaluation stage for investment decision.
Boosting the renewable matrix and joint growth
This solar farm will be able to supply around 100,000 homes once operational, strengthening the grid and providing security of supply in New Zealand. Mike Roan, CEO of Meridian, noted that the partnership with Nova represents an effective strategy for executing large-scale projects with shared benefits.
Te Rahui joins a series of initiatives that consolidate Meridian’s sustainable growth strategy, which in the last five years has invested more than US$1 billion and plans to allocate another US$2 billion in the next three years. This is expected to add more than 1,000 MW to the country’s installed capacity.
Renewable projection for a resilient economy
The advance of Te Rahui, together with wind farms such as Harapaki y Mount Munro and storage systems such as Ruakākā’s BESS, demonstrates both companies’ commitment to a clean energy matrix. Meridian is also collaborating with other developers, such as Harmony Energy, to further expand the country’s solar supply.
This type of project positions New Zealand New Zealand as a benchmark in renewable energy, not only because of its high penetration of clean sources, but also because of its capacity for coordination between the private and financial sectors to carry out large-scale initiatives.
Source: Meridian
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