Nova and Meridian to partner for Te Rahui solar farm

Nova Energy Limited and Meridian Energy Limited have signalled their intent to form a 50-50 joint venture to build and operate the 400 MW Te Rahui solar farm at Rangitāiki near Taupō.

The circa $660 million project, for which Nova received resource consent in April last year, will produce enough electricity to power around 100,000 homes. It is intended to reach Financial Investment Decision in the first quarter of 2025 and will be carried out in two stages, each involving the construction of a 200 MW solar plant. Offtake will be shared 50-50 between the two parties.

Nova Energy CEO Babu Bahirathan says the project is a significant step towards progressing Nova's diversification into renewable energy, and the partnership demonstrates the power of collaboration in driving ambitious renewable energy projects forward.

“With a strong New Zealand-owned company like Meridian alongside us, we can accelerate the development of much needed electricity supply and continue our planned build-out of large grid-scale solar projects.”

Meridian Chief Executive Neal Barclay says the joint venture will be a great example of how collaboration can move big projects forward for the benefit of electricity users.

“At 400 MW, Te Rahui is a big project and sharing the investment and offtake makes strong commercial sense for both parties, while the project will also benefit home and business customers by further strengthening security of supply.”

“It’s a real win-win and we’re delighted to have this opportunity to partner with Nova on Te Rahui.”

Meridian and Nova have signed non-binding terms sheets in relation to Te Rahui and intend to enter into binding agreements in the next few months, including power purchase agreements for the electricity produced from the solar farm.

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