FRV Australia and Genesis Joint Venture secures land for a further 400 MW of solar across three North Island sites

FRV Australia and its joint venture partner, Genesis Energy, have secured lands for three new North Island sites for solar farms with expected 400 MW of renewable electricity capacity.
The three sites cover 740ha,the timing of builds is subject to regulatory processes, and final investment decision, with the first of these sites expected to be generating electricity by 2026.
FRV Australia has expanded its activities to New Zealand in 2021.

Sydney, 28th August 2023

FRV Australia, a leading developer of sustainable energy solutions, and part of Abdul Latif Jameel Global Energy and Environment Holding Company Limited (“Abdul Latif Jameel Energy”) and OMERS, has further expanded its activities in New Zealand securing three new solar sites in the country, which it completed with its joint venture (JV) partner Genesis Energy, a New Zealand publicly listed electricity generation company.

The sites are in the Manawatu, Waikato and Hawke’s Bay with an expected capacity of 200 MW, 100 MW and 100 MW respectively. The three sites cover 740ha and the estimated cost to develop them is $600 million. The timing of builds is subject to regulatory processes, and final investment decision, with the first of these sites expected to be generating electricity by 2026.

The sites will generate enough electricity to power approximately 85,000 homes per year, approximately the size of Wellington, which would make Genesis the largest solar generator in the country by some margin. These three solar farms will remove approximately 500,000 tonnes of CO2 emissions from fossil fuel generation annually.

Earlier in the year FRV Australia and Genesis Joint Venture agreed to acquire the Lauriston solar farm sites, an advanced stage project site in Canterbury of 52 MW capacity. The combined generation of the four sites – 452 MW – puts the company on track to achieve the JV targets set in 2021 of securing up to 500 MW of solar projects within five years.

These future projects, together with the good progress on the Lauriston solar farm, are the tangible results of our support to sustainable clean energy developments in New Zealand following our successful experience in Australia.

Carlo Frigerio

FRV Australia Chief Executive Officer

Solar provides a strong alternative source of renewable generation to the country’s heavy reliance on hydro and growth in wind generation with the added benefit that the time to build and start delivering electricity is a lot quicker than any other type of generation. This will help jumpstart electrifying and decarbonising New Zealand businesses and households at scale ensuring the country is on track to be net zero by 2050.

Rebecca Larking

Genesis Chief Operations Officer

The new solar sites in New Zealand further strengthens and deepens of Abdul Latif Jameel Energy expertise in the solar energy market, building on its already strong pipeline of green energy assets across the globe. It also consolidates OMERS Infrastructure’s leading position in infrastructure and renewable investments across different regions.

These three new sites are the testament to FRV’s determination to become the leading developer of solar generation in New Zealand. Securing these lands puts us well on track for the realization of our vision to develop 500MW of solar capacity over the next five years in New Zealand. Alongside our partner Genesis Energy, we are committed to supporting sustainable infrastructure development in New Zealand as part of our global efforts towards a cleaner future for all.

Daniel Sagi Vela

FRV global CEO

OMERS Infrastructure remains committed to OMERS ongoing investments in energy transition opportunities, strategically expanding our global portfolio. We are excited by the opportunity to invest in the New Zealand energy sector, alongside Genesis, a like-minded partner, and advance our collective efforts to facilitate a shift to greener and more sustainable infrastructure.

Christopher Curtain

Senior Managing Director and Head of Asia-Pacific, OMERS Infrastructure

FRV Australia and Genesis Energy formed a JV in late 2021 to develop up to 500MW of solar capacity over the next five years in New Zealand. This is expected to generate about 750GWh pa, which is enough to power 100,000 households or 185,000 EVs per year.

FRV Australia is one of the largest solar developers, asset owners and renewable energy platforms in Australia with over 1GW of PV assets developed, built or under construction across ten projects for a total project investment of over 2 billion dollars across different states. The company draws on its global experience and knowledge of the technology and the supply chain that will prove valuable in the installation, commissioning, and operations of the sites.