Genesis and FRV Australia have successfully concluded financial arrangements for their 63MW solar farm in Lauriston on the Canterbury Plains, New Zealand.
Spanning 93 hectares, the solar farm is poised to power nearly 13,000 houses upon completion, making it New Zealand’s largest solar farm to reach financial close.
The anticipated start of electricity generation of this solar farm is expected late this year.
Originally projected at 52MW, the solar farm’s capacity has been increased to 63MW through engineering optimisation.
The project is forecasted to generate over 50 jobs during construction, and employ up to three full-time staff when operational, with an estimated construction cost of approximately $104 million.
The joint venture has also secured a significant 10-year power purchase agreement (PPA) with Genesis Energy, ensuring the off-take of all renewable energy from the site.
Genesis Energy’s Chief Wholesale Officer, Tracey Hickman, said it was an important milestone for the company and the country.
“Solar has a clear role to play in New Zealand’s energy transition as a renewable source of generation. It will enable us to provide cleaner energy to our customers, while also reducing emissions from our generation portfolio as Genesis invests in new renewable generation and moves to become net zero by 2040,” Hickman said.
“The pleasing aspect of this project is it shows the value of our joint venture and that the model we have put in place for Lauriston works. It has allowed us to sign quality delivery partners, including our lead contractor, equipment suppliers and lenders.”
FRV Australia CEO Carlo Frigerio said it is thrilled to announce this significant milestone for Lauriston Solar Farm.
“This marks our inaugural financial closing in New Zealand, serving as the cornerstone for FRV Australia and Genesis development efforts. It is a pivotal moment for both our presence in the country and the solar industry, which is just beginning to take root,” he said.
For more renewable and solar news, subscribe to ecogeneration.