Key Takeaways
- Meridian Energy and Nova Energy are developing a 400 MW solar farm at Rangitāiki, near Taupō.
- The project is a 50-50 joint venture, with $NZ300 million secured for the first 200 MW phase.
- Construction contracts have been awarded to Beon Energy Solutions, with the first phase expected to be operational by mid-2026.
Meridian Energy, Aotearoa New Zealand’s largest electricity generator has confirmed its plans to develop a 50-50 joint venture solar farm in the centre of the country’s North Island, and has locked in funds for the first stage of development.
Meridian and Nova Energy, a nationwide provider of energy, broadband and mobile services, announced at the end of 2024 their plans to jointly build and operate the 400 megawatt (MW) Te Rahui solar farm at Rangitāiki near Taupō, in the Bay of Plenty Region.
The two companies announced late last week that they had completed the necessary agreements to establish the joint venture and had also secured $NZ300 million in project financing for the first 200 MW phase of the $NZ660 million project.
Project offtake will be shared 50-50 by way of a power purchase agreement with Meridian and a contract for difference with Nova.
Construction and initial operations and maintenance contracts have already been awarded to Melbourne headquartered Beon Energy Solutions.
The Rahui solar farm will be built in two phases of 200 MW each, with the first phase to be operational by the middle of 2026, with full power to be achieved a year later – though neither party has yet received a financial investment decision for the second phase.
“Te Rahui is a big undertaking and sharing the investment and offtake makes strong commercial sense for both parties, while the project will also benefit home and business customers by further strengthening security of supply,” said Mike Roan, Meridian CEO.
Meridian Energy intends to begin rseven new projects by 2030. Amongst the other projects are the already delivered 176 MW Harapaki Wind Farm and the 100 MW/200 MWh Ruakākā battery energy storage system (BESS).
Image Credit: Meridian Energy
Meridian has also already secured consent for a BESS in the Manawatū which will be at least 100 MW/200 MWh, a 90 MW wind farm at Mount Munro in the Wairarapa, a 130 MW solar farm to be built adjacent to the Ruakākā BESS, and the re-powering of the Te Rere Hau wind farm, which will expand the project from 45.5 MW to 170 MW.
“We are doing our share of the heavy lifting to secure New Zealand’s energy future,” said Roan.
“Having invested more than $1 billion in the past five years, we have a further $2 billion planned for investment over the next three years. These projects will add over 1,000MW of new capacity, a five percent increase to the electricity system.
