Genesis Energy, a dual-listed electricity and gas provider in Australia and New Zealand announced its acquisition of the 114 MW Edgecumbe solar project from Auckland-based solar and energy storage developer Helios Energy.
Helios Solar Project to Generate 230 GWh Annually
The power plant will feature around 220,000 solar panels and produce approximately 230 GWh of renewable electricity each year. The agreement between Genesis and Helios is expected to become unconditional early next year. Helios has secured both resource consent and a grid connection agreement for its project which is being developed on a 207-hectare site near Edgecumbe in the eastern Bay of Plenty.
Helios Solar Project.
Genesis which is 51% owned by the New Zealand government anticipates making a final investment decision on the project by mid-2025, with construction beginning shortly thereafter. The facility is expected to start producing electricity in 2026.
Genesis Expands Solar Footprint in New Zealand
This acquisition marks Genesis's second advanced solar site purchase, following the late 2023 acquisition of the 47 MW Lauriston Solar Farm on the South Island. This is part of the company's joint venture with FRV Australia to develop up to 500 MW of solar capacity in New Zealand.
The Lauriston project, the first of several planned by the joint venture partners is currently under construction and set to begin generating electricity in early 2025.
Genesis Chief Wholesale Officer said the company’s latest acquisition is another proof point of its renewable energy commitment which aims to deliver 500 MW of grid-scale solar by mid-2028.
“We’re delivering strategy through a combination of joint venture, balance sheet finance and power purchase agreements,” said Tracey Hickman, Genesis Chief Wholesale Officer
Hickman also said Genesis, which is one of New Zealand’s largest energy generators and retailers can take opportunities for new renewables and deliver them to market quickly.
“We’ve seen through our experience at Lauriston the benefit of purchasing advanced developments and turning them from bragawatts into megawatts,” added Tracey Hickman.
Helios to Use Proceeds for Larger Solar Projects
Helios founder and Managing Director stated that the sale of the Edgecumbe project would help advance the company's broader national solar development pipeline.
“We’re pleased with this transaction and our counterparty. Edgecumbe is a high-quality solar development and Genesis is well positioned to responsibly deliver it for the benefit of Aotearoa New Zealand and our national decarbonisation commitments,” said Jeff Schlichting, Helios founder and Managing Director.
Genesis plans to adopt a similar approach to its Lauriston development utilizing panels that allow for dual land use and enabling sheep to graze beneath them. Genesis will carry on Helios' efforts in engaging with mana whenua, the local community and key stakeholders.