Foresight Group has made its first investment in New Zealand’s renewable energy sector, acquiring development platform NZ Clean Energy (NZCE) and committing more than A$500 million (US$316 million) to fund construction of three late-stage solar-plus-storage projects totalling approximately 300MW.
The acquisition, made through Foresight’s flagship Asia-Pacific energy transition vehicle, the Australian Renewable Income Fund (ARIF), provides the UK-based investment manager with an established development team and a substantial pipeline exceeding 2GW across approximately 15 sites in New Zealand.
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The transaction marks a significant expansion of Foresight’s regional footprint beyond its existing wind, hydro and solar assets across Australia’s National Electricity Market (NEM) and the South West Interconnected System (SWIS) in Western Australia.
It also positions the firm to capitalise on New Zealand’s accelerating electricity demand growth and renewable energy transition, as the country joins Australia in attracting substantial international capital for clean energy infrastructure.
The move follows similar trans-Tasman expansion strategies from other investors, including I Squared Capital’s launch of Anza Power, which received US$300 million in backing for projects across both markets last year.
The NZCE platform comprises three ready-to-build solar projects that Foresight expects to enter construction in 2026 and 2027.
The projects include the 89MW AC Masterton solar-plus-storage site, the 106MW AC Darfield solar-plus-storage project, and the 72MW AC Dannevirke solar-plus-storage development. No details of the battery energy storage systems (BESS) have been disclosed at the time of writing.
Beyond these initial projects, the broader development pipeline represents what Foresight describes as “a significant long-term opportunity” for further renewable energy and storage development across New Zealand, providing the investment manager with a platform for sustained capital deployment in the market.
Edward Lloyd, head of Australia for Foresight, said the acquisition “further strengthens Foresight’s position as a leading investor in the regional energy market, with the scale of our portfolio and our internal capabilities providing a meaningful competitive advantage”.
“We welcome aboard the NZCE team and are excited about delivering the significant pipeline they have created,” Lloyd added.
Structural transformation driving investment opportunity
Foresight’s entry into New Zealand comes as the country’s electricity market enters a period of significant structural change.
Total electricity demand is forecast to increase by around 25% over the coming decade, rising from approximately 40TWh today to around 50TWh by the mid-2030s.
Demand growth is expected to be driven by the electrification of the economy, including the rapid adoption of electric vehicles (EVs), the expansion of energy-intensive data centres and the electrification of commercial and industrial processes.
Simultaneously, the electricity system is expected to see significant growth in renewable energy generation, with renewables forecast to account for the majority of the energy mix in the coming years.
This transformation is already attracting investment from both domestic and international players. Genesis Energy recently reached financial close on its 136MW Waverley solar project and separately agreed to acquire the 271MWp Waikato solar project, while Contact Energy is seeking a US$316 million equity raise to fund its renewable energy expansion programme.
Harry Simpson, CEO of NZCE, said the company was established “with the ambition of building a serious pipeline of solar and storage projects across New Zealand”.
“Over the past several years, we’ve focused on identifying the right sites and progressing projects through development. Partnering with Foresight allows us to move into the next stage and take advanced projects into construction while continuing to expand the platform,” Simpson said.
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