Genesis acquires major solar farm development near Rangiriri

Genesis Energy announced on October 30, 2025, the acquisition of rights to develop a 271MWp solar farm near Rangiriri in Waikato. This project, with an estimated cost of ~$487 million, is expected to generate ~437 GWh annually and power approximately 54,600 homes. The acquisition is conditional on vendor deliverables targeted for Q2/Q3 FY26, with a final investment decision planned for Mid-FY27 and first generation by Mid-FY29.

The Rangiriri project will initially be funded from Genesis’s balance sheet, aligning with the company's strategy to develop new renewable generation. This acquisition brings Genesis's advanced-stage solar pipeline to approximately 700MWp, contributing to its Gen35 objective of building up to 500MWp of solar capacity.

The site is strategically located near Auckland and Transpower's planned 220kV substation at Glen Murray, ensuring optimal grid connection. This addition will enhance the value of Genesis's hydro generation sites and help displace gas generation, particularly during summer months. IGP New Zealand Limited, trading as Pioneer Green Power, is the vendor.