Genesis Energy, a dual-listed electricity and gas provider operating in Australia and New Zealand, has announced its acquisition of the 114 MW Edgecumbe solar farm from Auckland-based solar and energy storage developer Helios Energy.
Helios Solar Project to Generate 230 GWh Annually
The facility will feature around 220,000 solar panels and is expected to generate approximately 230 GWh of renewable electricity each year. The agreement between Genesis and Helios is expected to become unconditional early next year.
Helios has already secured both resource consent and a grid connection agreement for the project, which will be developed on a 207-hectare site near Edgecumbe in the eastern Bay of Plenty.
Helios Solar Project.
Genesis, which is 51% owned by the New Zealand government, expects to make a final investment decision on the project by mid-2025, with construction scheduled to begin shortly thereafter. The facility is expected to start producing electricity in 2026.
Genesis Expands Solar Footprint in New Zealand
This acquisition marks Genesis’s second advanced solar site purchase, following its late 2023 acquisition of the 47 MW Lauriston Solar Farm on the South Island. The move is part of the company’s joint venture with FRV Australia to develop up to 500 MW of solar capacity in New Zealand.
The Lauriston project, the first of several planned by the joint venture partners, is currently under construction and set to begin generating electricity in early 2025.
Genesis’s Chief Wholesale Officer, Tracey Hickman, said the acquisition underscores the company’s commitment to renewable energy and its goal of delivering 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,” said Hickman.
As one of New Zealand’s largest energy generators and retailers, Hickman noted, Genesis is well-positioned to pursue opportunities in new renewables and bring 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 added.
Helios to Use Proceeds for Larger Solar Projects
Helios’s founder and Managing Director, Jeff Schlichting, said the sale of the Edgecumbe project will help advance the company’s broader national solar development pipeline.
“We’re pleased with this transaction and our counterparty. 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,” said Schlichting.
Genesis plans to adopt a similar approach to its Lauriston development, using panels that allow for dual land use and enable sheep to graze beneath them. The company will also continue Helios’s engagement with mana whenua, the local community, and key stakeholders.
