New Zealand based natural gas and LPG retailer Genesis Energy and solar developer FRV Australia will launch a joint venture to develop up to 500 MW of solar power capacity in New Zealand over the next 5 years. FRV Australia was selected through a competitive process for the partnership.
FRV Australia is the renewable energy platform of Spain's Fotovatio Renewable Ventures (FRV) owned by Abdul Latif Jameel Energy, and the deal helps it expand its regional activities to the New Zealand market. Canadian pension fund OMERS Infrastructure acquired 49% stake in FRV Australia in October 2021 (see Canadian Pension Fund Invests In FRV).
For Genesis, the 60% stakeholder in the joint venture, investment in solar is aimed at displacing 2,650 GWh of baseload thermal generation with new renewable energy by 2030. It is already invested in wind, hydro, geothermal and thermal sources of energy.
The duo estimate the 500 MW solar power capacity to generate close to 750 GWh annually, a number that's enough to power 100,000 households or 185,000 electric vehicles (EV) per year. It will be built mainly in the North Island region of New Zealand with proximity to existing transmission connection points.
"Building solar capacity supports our commitment to reduce our carbon emissions from electricity generation by 36%, removing 1.2 million tons of carbon emissions by 2025, tied to New Zealand's obligations under the 2015 Paris Agreement to limit global warming to below 1.5°C of pre-industrial temperatures," said Genesis' COO Nigel Clark.
The news of this joint venture follows that of another such partnership announced for the New Zealand market by UK's Hive Energy, Ethical Power and Solar South West for 350 MW solar, in September 2021 (see Solar PV Joint Venture Launched For New Zealand).
According to the Ministry for the Environment, New Zealand aims to have 90% of its power mix by 2025 to come from renewables.