A joint venture between FRV Australia and Genesis Energy has announced the start of construction of a photovoltaic plant in New Zealand.
Image: FRV Australia
A joint venture between Fotowatio Renewable Ventures Australia (FRV Australia) and Genesis Energy has announced the start of construction of the 63 MW Lauriston solar project in New Zealand. According to the company, this is the largest photovoltaic project in the country.
FRV Australia, a local subsidiary of FRV, which is 49% owned by Canadian fund Oomers, has announced its entry into New Zealand by the end of 2021 through Genesis Energy, a listed New Zealand power generation company and natural gas retailer in the country.
The joint venture reached a financial milestone for construction of the project in December 2023. Anticipated construction costs are approximately $104 million. The joint venture has signed a 10-year Power Purchase Agreement (PPA) with Genesis Energy, which will purchase all renewable energy from the site.
Lauriston is located near Christchurch on the Canterbury Plains. The plant occupies an area of 93 hectares and is expected to become operational by the end of 2024.
Lauriston is the first phase of a joint venture to develop 500 MW of solar power across New Zealand. To that end, the joint venture partners are managing three sites in the North Island with a total capacity of 400 MW as Genesis aims to achieve 95% renewable generation by 2035.
Debt financing is provided by Bank of New Zealand (BNZ) and MUFG Bank Limited (MUFG). The joint venture has selected Australian EPC Pion to undertake construction of the project.
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