Genesis Energy has acquired the rights to develop a 271MWp solar farm project near Rangiriri in Waikato. The acquisition remains conditional on vendor deliverables, anticipated to be finalised by the second or third quarter of this fiscal year. Genesis Energy is a New Zealand-based electricity generation and retailing company. It focuses on providing sustainable energy solutions to homes and businesses.
The Rangiriri site benefits from its strategic location near Auckland and Transpower’s planned 220kV substation at Glen Murray, ensuring optimal grid connection and market access. Its proximity to Genesis’s 200MWh battery at Huntly Power Station, currently under construction, further enhances its appeal. The Rangiriri project promises to bolster Genesis Energy’s renewable energy portfolio and contribute significantly to New Zealand’s sustainable energy targets.
Funding for the Rangiriri project will be sourced from Genesis’s balance sheet. The company will consider future capital recycling opportunities for the project, allowing for financial flexibility and potential reinvestment in other strategic initiatives. This acquisition marks a significant step for Genesis Energy in expanding its renewable energy footprint and supporting New Zealand’s transition to a low-carbon economy.
