New Zealand power company Genesis Energy has added a 127MWp solar PV project to its portfolio, with the goal of securing 500MW of grid-scale solar by 2028.
Revealed on Wednesday (14 August), the asset will be located near Edgecumbe in the Bay of Plenty and is expected to start generating electricity in 2026. Genesis Energy will secure the project via an agreement with New Zealand-based developer Helios Energy, which will go through in Q2 2025.
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The final Investment Decision (FID) will determine if it is developed on the balance sheet or through another structure. FID is expected in 2025.
The 207-hectare site will comprise 220,000 solar modules and generate around 230GWh of renewable electricity annually. It is also worth noting that Helios has deemed the Edgecumbe region a suitable location for a “high-quality solar project”, as the Whakatāne District regularly tops the list of Aotearoa’s sunniest areas.
Genesis Energy’s chief wholesale officer, Tracey Hickman, said the acquisition is a step in the company’s delivery of its strategy to build 500MW of grid-scale solar by the 2028 financial year.
“We’re delivering strategy through a combination of joint venture, balance sheet finance and power purchase agreements.” Hickman said. “With a large and diverse customer base Genesis can take opportunities for new renewables and deliver them to market quickly, while we continue to explore other sites and possibilities.”
The Edgcumbe project is the second Gensis has acquired, following the 63MWp site at Lauriston on the Canterbury Plains, which was acquired in November 2023 as part of Genesis’ joint venture with FRV Australia.
The Lauriston site is currently under construction and is on track for the first-generation later in 2024. Additionally, Genesis has other greenfield solar projects in the development pipeline.
