Maungaturoto Solar Farm has announced that it has achieved financial closure on the Ryman Healthcare Solar Farm project in Northland, New Zealand, the milestone marking a significant step forward in the country’s clean energy transition.
The 21MW solar farm, located near Maungaturoto, will deploy 33,312 units of high-efficiency N-type TOPCon modules supplied by Astronergy and will generate an annual 30 million kWh of clean energy, while eliminating some 30,203 tons of carbon emissions. The project is backed by an innovative power purchase agreement (PPA) with Mercury NZ for 100% of the energy generated, the PPA including a unique ‘sleeving’ arrangement to Ryman Healthcare, demonstrating a forward-thinking approach to corporate renewable energy procurement. Construction has already begun, with project delivery expected by mid-2025.
Maungaturoto Solar Farm is a joint venture between Purpose Capital Impact Fund, Tupu Tonu and Harbour Infrastructure, previously Solar Bay NZ. Andrew Archibald, CEO of Harbour Infrastructure, commented, “We are excited for all parties to reach a unique outcome on the Maungaturoto Solar Farm and will continue to undertake further renewable energy projects across New Zealand in order to lower energy costs in a sustainable way. The Maungaturoto Solar Farm is a testament to our commitment to renewable energy solutions and our confidence in New Zealand’s renewable energy future. The innovative PPA structure with Mercury and Ryman Healthcare showcases the evolving landscape of corporate renewable energy agreements in New Zealand.”
The project received debt financing from Westpac New Zealand, with Harbour Infrastructure partnering with Tupu Tonu (the Ngāpuhi Investment Fund) and specialist impact investor Purpose Capital. Chint Green Energy NZ, a Tier 1 module manufacturer and leading EPC contractor, has been engaged to carry out the construction of the solar farm.
The project was supported by Anderson Lloyd, DLA and PwC, on all aspects of the development, contracting, and project financing. Jarden advised the project on financial matters.