Meridian and Nova finalize Te Rahui solar farm joint venture

Meridian Energy and Nova Energy have completed agreements for a 50-50 joint venture to construct and operate the 400MW Te Rahui solar farm at Rangitāiki, near Taupō. The joint venture has also secured NZD 300 million in project financing from ANZ for the first 200MW phase. Nova received resource consent for Te Rahui in April 2024, with the first phase expected to generate power by mid-2026 and reach full capacity by mid-2027. Project offtake will be shared equally, with Meridian receiving 100% via a power purchase agreement and Nova receiving 50% through a contract for difference.

Meridian chief executive Mike Roan highlighted the collaborative effort as a means to advance large-scale projects benefiting electricity users and strengthening supply security. The solar farm, once fully operational across both phases, is projected to power approximately 100,000 homes. The companies have awarded construction and initial operations and maintenance contracts to Beon Energy.

This project is part of Meridian’s broader strategy to add seven new projects by 2030, which includes the Harapaki Wind Farm and Ruakākā BESS already delivered. Meridian plans to invest an additional NZD 2 billion over the next three years, aiming to add over 1,000MW of new capacity, increasing the electricity system by five percent.