FRV Australia, Genesis buy 52-MW solar project in New Zealand

• Fotowatio Renewable Ventures (FRV) said on Tuesday that its Australian unit acquired a 52-MW solar farm project in New Zealand with the joint venture (JV) with domestic power as well as gas energy Genesis Energy Ltd (NZE: GNE).

FRV Australia as well as Genesis set up the JV in late 2021 with a goal to establish approximately 500 MW of solar energy in New Zealand over the following 5 years. The Lauriston project that they simply acquired its the very first under the partnership agreement.

Lauriston was originally established by UK renewables firm Hive Energy. It is a totally consented project sited on a 93-hectare (229.8 acres) tract one hour's drive from Christchurch.

The companions anticipate to start construction later this year.

"FRV Australia and also Genesis have actually worked together during the past year and established a very promising pipe of solar projects expected to be delivered in the coming years," stated FRV Australia CEO Carlo Frigerio.

FRV Australia itself is a JV in between Abdul Latif Jameel Energy, which has a 51% stake, and OMERS Infrastructure, holding the continuing to be 49%.