Meridian, Nova Finalize 400-MW Te Rahui Solar Venture

• Te Rahui: Pioneering New Zealand's Solar Future with 400-MW Project, Boosting Jobs, Energy Security, and Grid Resilience with Innovative Battery Storage and Community Engagement.

Meridian Energy and Nova Energy have finalized their joint venture for New Zealand's largest planned solar project, the 400-MW Te Rahui site on the North Island. The agreement includes a 50/50 offtake structure, with Meridian securing a contract-for-difference for half of the plant's output, providing revenue certainty and potential for merchant upside as daytime prices change with increased PV penetration. The project will be developed in phases, allowing flexibility in grid work sequencing, securing long-lead equipment, and timing construction with substation upgrades.

The Te Rahui project promises job creation for local communities and long-term energy security contributions. It will diversify New Zealand's energy generation beyond hydro and wind, enhancing grid resilience amid drought and variable wind conditions. Co-located battery storage will reduce curtailment, enable energy arbitrage during evening peaks, and provide rapid-response services. If successful, Te Rahui could set a benchmark for large-scale solar projects in New Zealand, both commercially and technically, while integrating community engagement into its execution.

How will the Te Rahui solar project impact New Zealand's energy landscape and local communities?

• Increased Renewable Energy Capacity: The Te Rahui solar project will significantly boost New Zealand's renewable energy capacity, contributing to the country's goal of achieving 100% renewable electricity by 2030.
• Reduction in Carbon Emissions: By replacing fossil fuel-based energy sources, the project will help reduce New Zealand's carbon footprint, aligning with national and international climate commitments.
• Economic Growth and Job Creation: The construction and operation of the Te Rahui solar project will create numerous jobs, stimulating economic growth in local communities.
• Energy Security and Resilience: The project will enhance energy security by diversifying the energy mix, reducing reliance on hydro and wind, and providing a stable energy supply during periods of drought or low wind.
• Technological Advancement: The integration of co-located battery storage will showcase advanced energy management techniques, setting a precedent for future projects in terms of efficiency and reliability.
• Community Engagement and Benefits: The project will involve local communities in its development, ensuring that they benefit from the economic and social opportunities it creates.
• Benchmark for Future Projects: As one of the largest solar projects in New Zealand, Te Rahui will serve as a model for future large-scale solar developments, demonstrating the viability and benefits of solar energy in the region.
• Grid Stability and Flexibility: By providing rapid-response services and reducing curtailment, the project will contribute to a more stable and flexible national grid.
• Potential for Energy Exports: Increased renewable capacity may open opportunities for New Zealand to export clean energy to neighboring regions, enhancing its role in the global renewable energy market.