Genesis Energy to buy new solar site from Helios Energy
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The news: Genesis Energy has agreed to buy a new solar development from New Zealand developer Helios Energy.
The numbers: The 207-hectare site, which is expected to start generating electricity in 2026, will hold around 220,000 solar panels and generate around 230 gigawatt hour (GWh) of renewable electricity per year, enough to power about 30,000 houses.
The 127 megawatt peak (MWp) site is located near the town of Edgecumbe on New Zealand's North Island, with the agreement between Genesis and Helios due to become unconditional in Q2 FY25.
The project is expected to require a construction workforce of around 100 people and employ up to five staff when operational.
The acquisition is the second advanced solar site bought by Genesis, following the 63 MWp site at Lauriston, acquired in November 2023 as part of the company's joint venture with FRV Australia.
The New Zealand energy retailer said the acquisition is another proof point of its "Gen35 strategy", which aims to build 500 megawatts of grid-scale solar by FY28.
Genesis' share price was up 1.47% in early trading on the ASX but over the past 12 months has fallen 12.66%.
The context: Genesis said it will wholly own the site and take all the energy produced. Final investment decision will determine if it is developed on balance sheet or through another structure.
The company noted that it intends to take a similar approach to its Lauriston development, using panels that allow for dual use of the land so sheep can graze underneath them.
Helios was founded in 2020, becoming one of the first grid-scale solar developers to enter the New Zealand market.
What they said: Genesis' chief wholesale officer Tracey Hickman said: "We're delivering strategy through a combination of joint venture, balance sheet finance, and power purchase agreements".
"We've seen through our experience at Lauriston the benefit of purchasing advanced developments and turning them from bragawatts into megawatts," she said. "With a large and diverse customer base Genesis can take opportunities for new renewables and deliver them to market quickly, while we continue to explore other sites and possibilities."
Helios Energy's founder and managing director Jeff Schlichting said: "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."
The source: ASX announcement
