Genesis Energy, an Australian and New Zealand-listed electricity and gas supplier, announced it has purchased the 114 MW Edgecumbe solar project from Auckland-based utility-scale solar and energy storage developer Helios Energy.
Helios has already obtained resource consent and a grid connection agreement for the project being developed on a 207-hectare site near Edgecumbe in the eastern Bay of Plenty.
The power plant is to comprise approximately 220,000 solar panels and generate about 230 GWh of renewable electricity annually. The agreement between Genesis and Helios is due to become unconditional early next year.
Genesis, which is 51% owned by the New Zealand government, said a final investment decision on the project is expected in mid-2025 followed by the start of construction. The facility is expected to start generating electricity in 2026.
The acquisition is the second advanced solar site bought by Genesis, following the purchase in late 2023 of the 47 MW Lauriston Solar Farm on the South Island as part of the company’s joint venture with FRV Australia to develop up to 500 MW of solar capacity in the country.
The Lauriston project, the first in a series of projects planned by the JV partners, is currently under construction and on track to start generating electricity in early 2025.
Genesis Chief Wholesale Officer Tracey Hickman 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,” she said.
Hickman said Genesis, which is one of New Zeraland’s largest energy generators and retailers, has the capacity to 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,” she said.
Helios founder and Managing Director Jeff Schlichting said the sale of the Edgecumbe project would support the development of the company’s broader national solar development pipeline.
“We’re pleased with this transaction and our counterparty,” he said. “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.”
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