Meridian Energy and Nova Energy plan to develop the 400 MW Te Rahui solar farm in Rangitāiki, New Zealand, through a 50-50 joint venture. The $660 million project will power approximately 100,000 homes.
A Landmark Collaboration
Meridian Energy and Nova Energy aim to reach a financial investment decision in early 2025. The project will be developed in two stages, with each phase delivering 200 MW of solar capacity. Both companies will share the electricity output equally.
Meridian CEO Neal Barclay stated that the partnership is a strong example of how collaboration can accelerate large-scale projects. “Te Rahui is a significant project, and sharing the investment and offtake makes strong commercial sense for both parties. The solar farm will also enhance energy security for homes and businesses.”
Nova CEO Babu Bahirathan emphasized that the project aligns with Nova’s strategy to expand into renewable energy. “Working alongside Meridian allows us to accelerate the development of crucial electricity supply. This project demonstrates how collaboration can drive ambitious renewable energy initiatives.”
Advancing Renewable Energy in New Zealand
The Te Rahui solar farm represents a major step in New Zealand's renewable energy transition. Meridian has been actively expanding its portfolio of sustainable energy projects. The company completed the Harapaki wind farm in Hawke’s Bay this year. It is also advancing the construction of its first grid-scale battery at Ruakākā. In addition, it is pursuing resource consents for more wind, solar, and battery projects. These initiatives form part of a $3 billion investment pipeline leading up to 2030.
Nova Energy, one of New Zealand’s top electricity retailers, is also a key player in the energy market. The company is a major supplier of natural gas and is now pivoting towards large-scale renewable projects.
Next Steps for Te Rahui Solar Farm
Meridian and Nova have signed non-binding term sheets for the Te Rahui project. They expect to finalize binding agreements in early 2025. These agreements will include power purchase contracts for the electricity generated by the solar farm.
Once operational, the Te Rahui solar farm will play a crucial role in boosting New Zealand’s clean energy capacity. The project is set to provide a reliable source of electricity for homes and businesses while contributing to the country’s sustainability goals.
With the growing demand for renewable energy, large-scale projects like Te Rahui are essential for the future of New Zealand's power sector. Meridian and Nova's partnership sets a precedent for industry collaboration, helping to drive the transition toward a more sustainable energy future.