FRV and Genesis secures finance for largest solar farm in New Zealand

The growth of utility-scale solar in New Zealand has received a much-needed boost after financial close was reached on the country’s largest solar farm to date.

New Zealand power company Genesis Energy and joint venture partner FRV Australia – the local subsidiary of Spanish renewable energy developer Fotowatio Renewable Ventures (FRV) – say they have reached financial close on a 63MW solar farm to be built at Lauriston on the Canterbury Plains.

Originally planned as a 52MW project, engineering optimisation has increased project capacity to 63MW, and the facility is expected to begin generating electricity later this year.

“This marks our inaugural financial closing in New Zealand, serving as the cornerstone for FRV Australia and Genesis development efforts,” said Carlo Frigerio, FRV Australia CEO.

“It is a pivotal moment for both our presence in the country and the solar industry, which is just beginning to take root.”

Located an hour’s drive from Christchurch on the South Islan, the $NZ104 million Lauriston solar farm will be built on a 93-hectare site and is expected to generate power equivalent to the needs of nearly 13,000 houses.

Genesis and FRV Australia are also in the process of assessing three sites on New Zealand’s North Island which would add up to a combined capacity of up to 400MW.

The first utility scale solar farm in New Zealand was completed in November of 2023, but plans for more utility-scale solar are slowly building steam.

In addition to projects being undertaken between Genesis and FRV, Meridian Energy is planning the 75MW Ruakākā Solar Farm which is expected to be brought online by year’s end.

“Solar has a clear role to play in New Zealand’s energy transition as a renewable source of generation,” said Trackey Hickman, chief wholesale officer with Genesis Energy.