Meridian and Nova finalize Te Rahui solar farm joint venture

Meridian Energy Limited and Nova Energy Limited have finalized a 50-50 joint venture to develop and operate the 400MW Te Rahui solar farm near Taupō. The venture has secured NZD300 million in financing for the initial 200MW phase from a consortium including ANZ, BNZ, CBA, MUFG, and Westpac. Project offtake will be equally shared, with Meridian receiving 100% via a power purchase agreement, and Nova taking 50% through a contract for difference.

Nova received resource consent for Te Rahui in April 2024. The solar farm's two phases, once completed, are projected to power approximately 100,000 homes. The first phase is expected to generate power by mid-2026, reaching full capacity by mid-2027. Both parties are working towards the financial investment decision for the second 200MW stage. Beon Energy has been awarded contracts for construction and initial operations and maintenance.

Meridian chief executive Mike Roan highlighted the joint venture as a strong example of collaboration, benefiting electricity users and strengthening supply security. The company has invested over NZD1 billion in the past five years, with an additional NZD2 billion planned for the next three, aiming to add over 1,000MW of new capacity, increasing the electricity system by five percent.