Genesis Energy reaches financial close on 136MW New Zealand PV project

Metlen will execute the engineering, procurement and construction (EPC) contract for the project, which Genesis said has received a grid connection approval, and Horizon Networks will design and build the overhead grid connection line.

“Delivery of the Gen35 strategy is progressing well,” said Genesis COO Tracey Hickman. The company’s Gen35 strategy is a NZ$1.1 billion scheme to support New Zealand’s plans to meet 95% of electricity demand with renewables by 2050.

“Reaching FID on the Edgecumbe project, following hot on the heels of our Rangiriri Solar announcement, represents a major step towards Genesis’ solar objective of building up to 500MWp of solar generation,” Hickman said. “The project will enhance the value of our three hydro generation sites and battery storage investments providing flexible, renewable energy to meet growing demand. It will also further displace gas generation, in particular over summer months, in support of New Zealand’s transition to a low-carbon future.”

Genesis has become one of the leading players in New Zealand’s solar PV market, with around 700MWp of capacity in its project pipeline. In April, the company announced operations at the “largest” PV operational project in New Zealand, the 63MWp Lauriston site, a joint venture (JV) with FRV Australia. The project will incorporate agriPV at its site near Christchurch on the country’s South Island, as it is based on land historically used for agriculture.

In October, the two companies announced the termination of the JV, citing separations in their respective business plans, though they maintain joint ownership of Lauriston.

It then announced the roughly NZ$487 million (US$281 million) acquisition of the 247MWp Waikato project as part of its Gen35 programme. That project is expected online in 2029 and is slated to integrate energy storage capacity.