Meridian and Nova finalize Te Rahui solar farm joint venture

Meridian Energy Limited and Nova Energy Limited have completed agreements for a 50-50 joint venture to construct and operate the 400MW Te Rahui solar farm near Taupō. The venture has secured NZ$300 million in financing for the first 200MW phase, with a lending group including ANZ, BNZ, CBA, MUFG, and Westpac. Nova received resource consent for Te Rahui in April 2024, with first power from phase one expected in mid-2026 and full power in mid-2027. Both parties are actively progressing stage two (200MW) despite not yet receiving a financial investment decision for it.

The project's offtake will be split 50-50, with Meridian entering a power purchase agreement for 100% of the offtake and Nova a contract for difference for 50%. Once completed, both phases of the Te Rahui solar farm are projected to power approximately 100,000 homes. This project is part of Meridian's broader goal to commence seven new projects by 2030, contributing to over 1,000MW of new capacity and a five percent increase in the national electricity system.

Meridian has invested more than NZ$1 billion in the past five years and plans a further NZ$2 billion investment over the next three years. Additionally, Meridian supports other developers through agreements such as the power purchase agreement with Harmony Energy / First Renewables for their 150MW Tauhei Solar Farm. Construction and initial operations and maintenance contracts for Te Rahui have been awarded to Beon Energy.