Aquila Capital as well as FNSF team up for 1GW Solar Farm in New Zealand

May 13, 2022 07:55 PM ET
  • New Zealand currently has a target to get to 90 per cent RE supply by 2025.
  • Solar has actually not been a favoured alternative previously, thanks to abundant opportunities in Hydro, geo thermal as well as also Wind.

New Zealand will soon have a large-scale solar farm start to generate 1GW. That is a big deal, because TOTAL solar capaciy in NEw Zealand has hardly gone across 200 MW till date.

German financial investment clothing Aquila Capital as well as local PV project programmer Much North Solar Farm have joined their hands to work together to make this large-scale solar farm functional this year. In a declaration released on May 12, both Aquila and FNSF expressed their keenness to proceed on the portfolio of solar projects they have been establishing across NZ and which could amount to 1GW of combined capacity, when finished.

" We can't wait to begin creating the solar PV sites we have actually planned and also consented," claimed FNSF NZ director, John Telfer including even more, "To be partnering with such a committed worldwide financier in clean energy generation as Aquila Capital, and also on the scale that we collectively plan, is amazing not only for us but likewise the whole country."

Both the firms shared the journey describing how significant capital and also sources were invested to pick, examine suitable project sites, acquire permits and also consents to obtain them to "ready-to-build"-standing-- enough to start on "a handful of chosen projects" this year. As and when the 1GW pipelines are laid, it will certainly put several project sites on a single thread across the North and also South Island, providing around 4 per cent of the country's complete annual energy demand, or around 11% of New Zealand's existing clean energy generation capacity.

"This partnership is ready to support the federal government's exhausts budget plan targets set to be introduced by Climate Change Minister James Shaw next week and also to assist provide on the guarantee of expanding the renewable energy field within New Zealand," Telfer said.

Relevance lies in the truth that New Zealand currently has a target to reach 90 percent renewable power supply by 2025, with levels sitting just over the 80% mark, primarily supplied by hydro, wind as well as geothermal resources.

Just last month, another partnership of very same kind was introduced by Lightsource bp and NZ utility Contact Energy concerning their own prepare for a big solar growth spree across Aotearoa, targeting multiple projects of at the very least 50MW in size.

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