FRV and Genesis secure financing for New Zealand’s largest solar park

New Zealand Electricity Company Genesis is energy and his partner FRV AustraliaLocal subsidiary Fotowatio Renewable Ventures (FRV), say they are close to financing a 63 MW solar farm to be built at Lauriston on the Canterbury Plains.

Originally planned as a 52 MW project, engineering optimization has increased the project’s capacity to 63 MW, and the facility is expected to start generating electricity later this year.

“This marks the close of our seed funding in New Zealand and serves as a cornerstone for FRV Australia and Genesis’ growth efforts,” he said. Carlo Fricario, CEO of FRV Australia. “This is an important moment for our presence in the country and for the solar industry, which is just starting to take root.”

An hour’s drive from Christchurch in the South Island, the NZ$104 million (about €58 million) Lauriston Solar Park will be built on 93 hectares and is expected to generate energy equivalent to the needs of nearly 13,000 homes.

Genesis and FRV Australia are evaluating three sites in New Zealand’s North Island that could add up to 400 MW of combined capacity.

New Zealand’s first commercial-scale solar farm is due to be completed in November 2023, but plans for commercial-scale solar power are slowly gaining steam.

In addition to projects carried out between Genesis and FRV, Meridian energy It plans a 75 MW Ruakākā solar park, which is expected to come online by the end of the year.

“Solar energy has a clear role to play in New Zealand’s energy transition as a source of renewable generation,” he said. Trackie Hickman Director of Genesis Energy.