Meridian Energy and Nova Energy have completed agreements to create a 50-50 joint venture to build and operate the 400 MW Te Rahui solar project at Rangitāiki near Taupō in New Zealand. The joint venture has also obtained NZD300m (US$176m) in project financing for the first 200 MW phase of the project. Project offtake will be shared 50-50 by way of a power purchase agreement with Meridian for 100% of the offtake and a contract for difference with Nova for 50%. The two companies originally announced their intention to form a joint venture for Te Rahui in December 2024. Nova received resource consent for Te Rahui in April 2024. First power on phase one is planned in mid-2026, with full power in mid-2027. A financial investment decision (FID) for stage two (200MW) is yet to be taken.
Solar accounts for nearly 5% of New Zealand’s installed capacity, with 475 MW, and 1% of its power generatio. Around 360 MW are currently under construction, and more than 3.7 GW under development.
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