Photo: 123RF
Genesis Energy is partnering with one of Australia's largest solar developers, FRV Australia, in a multi-million dollar investment for three new solar farms.
The joint venture to develop three sites covering 740 hectares in Manawatu, Waikato and Hawke's Bay will generate enough electricity to power 85,000 homes a year.
Genesis general manager of commercial development, Craig Brown, said the $600 million investment will see Genesis become the country's dominant solar provider.
"This is really demonstrating our commitment to develop solar for the New Zealand market and to enable us to displace thermal generation and increase the renewable portions in our market.
"We'd like to think that we're really well positioned to play a leading role in solar and ultimately that's our goal.
"From Genesis' perspective the combination of solar plus wind, our existing hydro, geothermal and other renewable sources, will give Genesis and New Zealand the balance that it needs."
He said the location of the new solar sites will not be made public yet.
The timing of builds is subject to regulatory processes and final investment decision, with the first of these sites expected to be generating electricity by 2026.
The announcement follows Genesis' plans in Canterbury for a 52 MW solar farm.
The combined generation of the four sites - 452 MW - puts the company on track to achieve the target it set in 2021 of securing up to 500 MW of solar within five years.
FRV Australia is one of the largest solar developers, asset owners and renewable energy platforms in Australia.
"They're part of a global development company based in Spain and have developed projects all over the world so the partnership gives us access to their experience developing projects as well as access to supply chains and equipment providers," Brown said.
Sheep can also graze under solar panels, he said, allowing for dual land use options.