Genesis Energy and FRV Australia, owned by Saudi Abdul Latif Jameel Energy and Canadian pension fund Omers, have terminated their joint venture (JV) agreement that was to deliver up to 500 MW of large-scale solar capacity across New Zealand.
Genesis Chief Operating Officer Tracey Hickman said in a statement the decision reflects the natural evolution of the companies’ respective strategies and the growing capability of the development team within Genesis.
“Our partnership with FRV has been instrumental in accelerating solar development in New Zealand,” she said. “We are proud of what we have achieved together and thank FRV for their contribution to our partnership.”
The announcement comes less than six months after the JV partners officially launched the 47 MW Lauriston Solar Farm near Christchurch on the nation’s South Island.
Genesis said the JV partners will continue their co-ownership and running of the Lauriston Solar Farm, which is the sole project to have been completed under the development agreement that was first announced in 2021.
The government-backed energy generator and retailer provided no detail regarding other projects in the JV development pipeline, including a 200 MWp development near Foxton on the North Island. The JV partners had also secured sites on the North Island for three solar farms with an expected combined capacity of 400 MW.
While the ownership of those projects is yet to be revealed, Genesis, which is 51% owned by the NZ government, has previously stated that its renewable generation pathway remains focused on solar development due to “speed to market, lower capital costs and overall improving economics.”
In addition to the JV pipeline, Genesis is also developing a 67 MWp consented site near Leeston on the South Island, and a 114 MW consented solar project near Edgecumbe in the Bay of Plenty. That site is expected to start generating electricity in 2027.
Genesis has also started building a 100 MW / 200 MWh battery energy storage system alongside the 1.2 GW coal- and gas-fired Huntly Power Station about 100 kilometres south of Auckland on North Island.
The project, which is scheduled to be operational by late 2026, is the first phase of a planned multi-stage development that is expected to deliver up to 400 MW / 800 MWh of energy storage capacity at the site.
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