Meridian Vitality has finalised agreements with Nova Vitality to ascertain a three way partnership (JV) for the development and operation of the 400MW Te Rahui photo voltaic farm at Rangitāiki close to Taupō, New Zealand.
The equally owned JV has obtained NZ$300m ($177m) in financing for the 200MW first part of the mission.
The JV has organized for an equal sharing of the mission’s offtake, with Meridian buying the entire output and Nova coming into a contract for distinction for half of the electrical energy produced.
In April 2024, Nova obtained useful resource consent for the Te Rahui photo voltaic farm. As soon as each phases are operational, the power is projected to produce sufficient electrical energy for round 100,000 households.
The preliminary energy era from part one will start in mid-2026, with full operational capability anticipated by mid-2027.
Neither Meridian nor Nova has made a monetary dedication concerning the second part of the mission, though each events are working in direction of advancing it.
Meridian chief government Mike Roan said: “Te Rahui is a giant endeavor and sharing the funding and offtake makes robust business sense for each events, whereas the mission may even profit residence and enterprise clients by additional strengthening safety of provide.”
“It’s an actual win-win and we’re delighted to have this chance to associate with Nova on Te Rahui.”
The initiative is a part of Meridian’s broader technique to kickstart seven new tasks by 2030, a objective that has been bolstered by the latest completion of the Harapaki wind farm and Ruakākā battery power storage system (BESS).
Further tasks in Meridian’s pipeline embrace one other BESS in Manawatū, a wind farm at Mount Munro, a photo voltaic farm adjoining to the Ruakākā BESS and the refurbishment of the Te Rere Hau wind farm.
The Ruakākā photo voltaic farm is at present beneath building, and the Mount Munro wind farm has superior to the detailed design part.
Roan added: “We’re doing our share of the heavy lifting to safe New Zealand’s power future. Having invested greater than $1bn previously 5 years, we’ve an extra $2bn deliberate for funding over the subsequent three years. These tasks will add over 1,000MW of latest capability, a 5 p.c improve to the electrical energy system.”
“Our contribution to capability development goes even additional. By way of agreements like this one with Nova and the ability buy settlement we’ve with Concord Vitality/First Renewables for his or her 150MW Tauhei photo voltaic farm within the Waikato, Meridian can be supporting different builders.”
The JV between Meridian and Nova, initially introduced in December 2024, has entrusted the development and preliminary operations and upkeep to Beon Vitality.
