Meridian and Nova to partner for 400 MW Solar farm in New Zealand

Meridian Energy Limited (Meridian) and Nova Energy Limited (Nova) have signaled their intent to form a 50-50 joint venture to build and operate the 400 MW Te Rahui solar farm at Rangitāiki near Taupō, New Zealand. 

The NZD 542 million (US$ 338.9 million) agreement plans to finalize binding contracts, including power purchase agreements, by early 2025, with electricity offtake shared equally between the two companies. Nova Energy, part of Todd Corp., received approvals in July 2024 for the Te Rahui Solar Farm, featuring 900,000 panels across a 1,022-hectare dairy farm. The project aims to achieve a financial investment decision (FID) by Q1 of 2025. Construction will proceed in two stages, each focusing on developing a 200 MW solar plant. Once operational the project will produce enough electricity to power around 100,000 homes.

Meridian and Nova have signed non-binding terms sheets in relation to Te Rahui and intend to enter into binding agreements early this year, including power purchase agreements for the electricity produced from the solar farm.