- After winning a competitive process, FRV Australia has been selected by Genesis as exclusive partner to develop solar energy projects in New Zealand.
- The joint venture will deliver up to 500MW of solar capacity over the next five years. This would generate about 750GWh pa – enough to power 100,000 households per year or 185,000 EVs per year.
- FRV Australia, is owned by Abdul Latif Jameel Energy and it will be 49% owned by OMERS Infrastructure upon completion of the transaction signed in October 2021, will bring its expertise in developing utility-scale solar projects to New Zealand in line with its regional expansion.
Sydney, November 12 2021
FRV Australia (FRV) will expand its regional activities to New Zealand working under a JV agreement with Genesis, a New Zealand publicly listed electricity generation company and the largest electricity and natural gas retailer in the country.
Upon executing the Joint Venture Agreement, FRV and Genesis will develop up to 500MW of solar capacity over the next five years. This would generate about 750GWh pa – enough to power 100,000 households or 185,000 EVs per year. The locations for the solar developments will be mainly in the North Island close to key load centres.
New Zealand’s large-scale solar farm industry is still at its initial stages of development, with a significant potential for solar to complement the renewable energy growth and other clean technologies in the country.
Genesis’ Chief Operations Officer Nigel Clark said: “FRV won the competitive selection process with its experience in developing large-scale solar, particularly in emerging markets, access to global supply chain networks and cultural and strategic fit”. Mr. Clark also stated: “Genesis will bring our knowledge of the New Zealand market, stakeholder and Iwi relationships and the joint venture will maximise the capabilities of both parties to become the leading developer of solar generation in New Zealand.
FRV will bring its expertise in developing utility-scale solar projects in Australia and globally but also its pioneering spirit entering new markets. FRV was one of the first international solar developers to enter the Australian market and developed its first Australian solar PV project pipeline in 2011, opening the local solar market.
FRV Australia’s Managing Director Carlo Frigerio said “We are delighted to partner with Genesis and bring our regional experience in support of the development of large-scale solar farms in New Zealand. More than a decade ago, we came to Australia guided by the same pioneering spirit, and we intend to replicate our successful Australian experience in the New Zealand solar energy market”. Mr. Frigerio also added: “FRV will support Genesis’ Future‐gen strategy to economically displace baseload thermal generation with 2,650GWh per annum of new renewable electricity by 2030”.
FRVs regional expansion further strengthens and deepens Abdul Latif Jameel Energy’s 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.
Fady Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel, said: “Through FRV, our flagship renewables business, Abdul Latif Jameel Energy furthers its commitment to delivering clean energy solutions in key global markets. We are glad to have the opportunity to partner with Genesis entering a new regional market. Together with OMERS and Genesis, we will continue to encourage responsible and sustainable infrastructure development in New Zealand’s renewable energy sector.”
Christopher Curtain, Senior Managing Director, Asia-Pacific, OMERS Infrastructure commented: “The global energy transition, and in particular investments in renewable, clean energy, are a significant and growing part of OMERS Infrastructure’s world-wide strategy. OMERS renewable energy holdings stretch across three continents. We are excited by this opportunity in New Zealand, which is a new jurisdiction for us, and where we will be working alongside Genesis, a high-quality partner – helping advance our joint efforts to facilitate a shift to greener infrastructure”