Mercury NZ invests $817m to scale up geothermal projects
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The news: New Zealand-based energy company Mercury outlined plans to invest up to NZD1 billion ($817 million) to scale its geothermal platform as part of its next growth phase.
The context: The company stated that its projects at Ngā Tamariki and Rotokawa could add 1 terawatt-hour of new geothermal generation, equivalent to powering an additional 125,000 houses, targeted for 2030.
Mercury said the geothermal growth will progress in phases, with capital decisions to follow investment approvals, funded through its own balance sheet.
The company added that the investment will support the New Zealand government’s goal of doubling geothermal usage by 2040, enabling it to ensure lights stay on during winter peaks and dry years.
What they said: “Scaling our geothermal platform will strengthen our renewable portfolio, support long-term contracting with major energy users, and help meet New Zealand’s growing demand for affordable, reliable and renewable electricity,” CEO Stew Hamilton said.
“Our investment in geothermal will add further long-term value for our customers, partners, communities, shareholders and New Zealand,” he added.
The source: ASX
