Genesis purchase of Helios’ Edgecumbe Solar Farm in Bay of Plenty

Genesis Energy has taken another step in delivering on its commitment to solar development after completing an agreement to purchase a consented, large-scale site near Edgecumbe in the Bay of Plenty. The site is expected to start generating electricity in 2027.

The agreement with New Zealand based developer Helios Energy went unconditional on 30 August 2024. Edgecumbe is a quality competitive solar development that provides a high solar yield. It is an advanced project in a good location connecting to an existing substation and acquired from a reliable developer. It will be wholly owned by Genesis and will be built on balance sheet.

The 207-hectare site will hold approximately 220,000 solar panels with a capacity of ~114 MWac and generate around 230 GWh of renewable electricity annually. That's enough to power around 30,000 houses. The project is expected to require a construction workforce in the order of 100 jobs and employ up to five staff when operational.

The site is consented, with grid connection agreements in place. FID is expected in mid-CY25 followed by the start of construction.

The acquisition is another proof point of Genesis' Gen35 strategy which aims build to 95% baseload renewable generation by FY35, freeing up to 1,400 MW of generation capacity at Huntly Power Station to support energy security for the country. Huntly will provide a range of generation assets and fuels to store energy for electricity generation from a minute to a month.

This is the second advanced solar site Genesis has secured following the 47MWac site at Lauriston on the Canterbury Plains in November 2023, acquired as part of Genesis’ joint venture with FRV Australia. That site is currently under construction and on track for first generation later this year.   Other greenfield solar projects are also in the development pipeline.

Chief Wholesale Officer Tracey Hickman said Genesis remains on track for delivery of up to 500 MW of grid-scale solar by FY28.

“We’re working to achieve that through a combination of joint venture, balance sheet finance and power purchase agreements. We’ve seen through our experience at Lauriston the benefit in purchasing advanced developments which can be brought to market quickly while we continue to explore other sites and possibilities,” Hickman said.

Edgecumbe site developer Helios Energy was founded in New Zealand in 2020 by a team with extensive global renewables experience. Helios was one of the first grid-scale solar developers to enter the New Zealand market.

Helios Energy Founder and Managing Director Jeff Schlichting said the sale of the site would support the development of Helios’ 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."

Genesis 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.

Genesis will continue Helios' work in engaging with mana whenua, the local community and key stakeholders.

ENDS