Nova Energy has signed a nonbinding agreement with Meridian Energy for the approved 400 MW Te Rahui solar farm.
The NZD 542 million ($338.9 million) agreement outlines plans to finalize binding contracts by early 2025, including power purchase agreements splitting electricity offtake equally between the two companies.
Nova Energy, a subsidiary of Todd Corp., secured approvals in July 2024 for the 900,000-panel Te Rahui Solar Farm, set to be built on a 1,022-hectare dairy farm.
Meridian Energy CEO Neal Barclay called the joint venture a prime example of how collaboration can advance major projects to benefit electricity consumers. He said the project’s 400 MW scale makes sharing investment and offtake commercially sound, while also bolstering security of supply for homes and businesses.
The project is expected to reach a financial investment decision (FID) by the first quarter of 2025, with construction occurring in two phases, each involving the development of a 200 MW solar plant.
