Genesis Energy signs 15-year PPA with Yinson Renewables for Mt Cass Wind Farm

Genesis Energy has entered a conditional 15-year power purchase agreement (PPA) with Yinson Renewables for the 94.6 MW Mt Cass Wind Farm (MCWF) near Waipara, Canterbury. Under the agreement, Genesis will purchase 70% of the electricity generated by the wind farm once it becomes operational in 2028. The wind farm is projected to produce over 300 GWh of new renewable energy annually, sufficient to power approximately 40,000 households.

Construction of the MCWF is scheduled to commence in early 2026, with completion expected in 2028. Genesis will not make an equity investment in the wind farm but retains an opportunity for future wind developments with Yinson. The offtake agreement includes an agreed starting price for the first 10 years, followed by a market reset for the subsequent five years.

This PPA aligns with Genesis' capital management approach, leveraging third-party capital through tactical off-take agreements like PPAs. It enables Genesis to efficiently deploy capital, maintain its BBB+ credit rating, and support its strong pipeline of Gen35 investment opportunities. Yinson Renewables is part of the Malaysian-headquartered Yinson Holdings Berhad, with a market capitalization of approximately NZ$2.5 bn.