Meridian, Nova finalise JV and financing for 400MW solar PV
Meridian Energy and Nova Energy have completed agreements to establish a 50-50 joint venture (JV) to build and operate the 400MW Te Rahui solar PV power plant near Taupō,
In 2024, PV Tech reported on the New Zealand energy crisis, which was triggered by wholesale pricing spikes due to gas shortages and low rainfall affecting the country's hydroelectric resources. This crisis highlighted the need for diversification in New Zealand's energy mix, creating opportunities for solar PV expansion.
In 2009, the average turnkey price for a standard 3-kilowatt (kW) PV system was about NZ$40,000; by 2024 the average residential system size had increased to 7 kW while the average cost had fallen to NZ$16,500.
The joint venture has also secured NZ$300 million (US$177 million) in project financing through the Australian and New Zealand bank ANZ for the first 200MW phase of the project. The Te Rahui solar PV plant, located at Rangitāiki approximately 35km east of Taupō on New Zealand's North Island, will be developed in two phases.
Te Rahui will include 900,000 solar PV modules spread across a 1,022-hectare site that was previously used as a dairy farm. The JV plans to incorporate sheep grazing under solar modules into the project design in a practice known as agrivoltaics. The Te Rahui project comes at a critical time for New Zealand's energy sector.
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