Foresight Group is set to acquire NZ Clean Energy, gaining an over 2 GW solar and storage development pipeline across 15 sites
The portfolio also includes 3 ready-to-build solar projects with integrated battery storage
Set for construction in 2026–2027, these 3 assets will be funded through an initial AUD 500 million investment by ARIF
This acquisition provides ARIF with an experienced development team and a readymade platform to expand in New Zealand
Australian investment manager Foresight Group is venturing into New Zealand’s renewable energy market with the acquisition of NZ Clean Energy (NZCE), a solar and battery energy storage system (BESS) platform that touts a development pipeline of over 2 GW across 15 sites.
Apart from the pipeline, NZCE currently has 3 ready-to-build (RTB) solar projects that will move into construction under Foresight. These assets are the 89 MW AC Masterton Solar, 106 MW AC Darfield Solar, and 72 MW AC Dannevirke Solar Project, all of which have an integrated BESS component.
Foresight is initially investing over AUD 500 million to fund the development and construction of this close to 300 MW capacity. The projects will move into construction in 2026 and 2027.
It is making this investment through its flagship APAC energy transition platform, Australian Renewable Income Fund (ARIF), which was established to invest in renewable energy in Australia and New Zealand. Its current operational portfolio comprises 16 solar farms, 6 wind farms, and 3 hydropower stations in Australia.
In August 2025, ARIF raised AUD 700 million as debt refinancing for its 10 operational renewable energy projects in Australia (see Asia Pacific Solar PV News Snippets).
With the NZCE acquisition, ARIF gains an established development team and platform in New Zealand to further expand as electrification across industries picks up pace and data centers grow, said Foresight. Storage will also be necessary to add flexibility to growing wind and solar generation.
“This acquisition represents an important milestone in our growth strategy. New Zealand has an exceptional renewable resource base and a supportive policy environment,” said Executive Director at Foresight and Portfolio Manager at ARIF, Daniel Beaver (see New Zealand Fast-Tracking 3 GW Renewable Energy Capacity).
For NZCE, this merger helps it accelerate its expansion in the country. “We established NZCE with the ambition of building a serious pipeline of solar and storage projects across New Zealand,” shared NZCE CEO Harry Simpson. “Over the past several years we’ve focused on identifying the right sites and progressing projects through development. Partnering with Foresight allows us to move into the next stage and take advanced projects into construction while continuing to expand the platform.”
