Meridian Energy and Nova Energy have established a joint venture for the Te Rahui solar farm in New Zealand. The 400MW project received NZ$300m in financing, with Meridian purchasing the total output. The first phase will start generating power in mid-2026, aiming for full capacity by mid-2027.

The Te Rahui solar farm, with resource consent since April 2024, is projected to power 100,000 households. Meridian and Nova have not committed to the second phase financially but are working towards it. This partnership aligns with Meridian’s broader goal to initiate seven new projects by 2030.

Meridian CEO Mike Roan sees the Te Rahui project as a mutually beneficial opportunity. The company’s commitment to investing in energy projects, including wind farms and battery storage systems, aims to strengthen New Zealand’s energy future. With over $1bn invested in the past five years, Meridian plans to allocate $2bn for further projects in the next three years.

Read more at Yahoo Finance: Meridian and Nova to form JV for 400MW New Zealand solar project