Meridian, Nova finalize joint venture for Te Rahui solar farm

Meridian Energy and Nova Energy have finalized agreements for a 50-50 joint venture to develop and operate the 400MW Te Rahui solar farm near Taupō. The joint venture has also secured NZ$300m in project financing from ANZ for the first 200MW phase. Project offtake will be split evenly, with Meridian receiving 100% of the offtake via a power purchase agreement and Nova 50% through a contract for difference.

Nova received resource consent for Te Rahui in April 2024. The first phase is expected to generate power by mid-2026, reaching full capacity by mid-2027. Once completed, both phases will produce enough electricity to power approximately 100,000 homes. Construction and initial operations and maintenance contracts have been awarded to Beon Energy.

Meridian chief executive Mike Roan stated that the joint venture demonstrates how collaboration can advance large-scale projects, benefiting electricity users and strengthening supply security. Meridian has invested over NZ$1bn in the past five years and plans an additional NZ$2bn over the next three years, aiming to add over 1,000MW of new capacity, increasing the electricity system by five percent.