Spark will buy all the electricity generated by Genesis's first solar farm in Lauriston, Canterbury. Photo: Supplied / Genesis Energy
Genesis Energy and Spark will work together to develop renewable energy, which will be used by Spark to meet its 2030 emission reduction targets.
The 10-year renewable energy partnership will see Spark buy all electricity generated by Genesis's first solar farm in Lauriston, Canterbury, which was expected to account for about 60 percent of Spark's total annual electricity requirements.
Construction of the 63 megawatt Lauriston solar farm was expected to begin shortly and it should be generating energy by the end of the year, with Spark buying the 40 percent balance of its power needs from Genesis.
Spark and Genesis also intended to explore additional renewable energy opportunities, to help Spark transition to 100 percent renewable energy and to support Genesis' target to have 95 percent renewable generation by 2035.
Spark chief executive Jolie Hodson said the partnership with Genesis was an important step in meeting its sustainability targets.
"It is important to us that we deliver on our science-based target by supporting the generation of new renewable energy," she said.
Genesis chief executive Malcolm Johns said the partnership supported its plan to invest more than $1 billion in new renewable energy.
"The kind of long-term commitment shown by Spark will enable new renewable generation to come online faster, by providing projects with commercial backing and increasing confidence to invest in further developments," Johns said.
The agreement was effective from 1 January 2025, though financial arrangements between the parties were not disclosed.