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Dual-listed Genesis Energy (ASX:GNE) has acquired the rights to build an advanced-stage, 271-megawatt peak solar farm near Rangiriri in Waikato, with a handful of vendor deliverables the only hurdle left for the acquisition.
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The new solar farm is projected to generate as much as 437 gigawatt-hours of electricity every year, which would be enough to power around 54,600 homes. It will cost up to NZ$487 million to build the farm.
Funding for the project will initially come from Genesis’ balance sheet, before capital recycling becomes an option after the plant’s commissioning.
The last vendor deliverables are expected to be completed through the second or third quarter of FY26, the company told shareholders today.
“Rangiriri represents an exciting milestone in delivering our Gen35 solar objectives and leverages the flexibility offered by our assets at Huntly, specifically our new BESS, in addition to making our hydro schemes more valuable as flexible, balanced long-duration storage,” Genesis chief Tracey Hickman explained.
The project site is strategically located near where Transpower’s 220kV Glen Murray substation will be built, for a ready-made grid connection.
Genesis also made sure the Rangiriri site was close to its 200 megawatt an hour battery already under construction at Huntly Power Station; this, the company said, was key for “operational synergies” and asset storage.
With Rangiriri now on the way, Genesis boasts as much as 700MWp in its advanced-stage solar pipeline across multiple established projects in New Zealand, including Lauriston, Edgecumbe, Leeston, and Foxton.
The company also boasts several geothermal and wind projects and battery storage developments in its broader renewable portfolio.
GNE today gained +0.9% on the acquisition news, to $2.24/sh.
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