Meridian Energy, a New Zealand-based power company, and Nova Energy, a Wellington-based energy company, secured NZ$300 million (~$177 million) in project financing for the first 200 MW phase of the Te Rahui solar project located at Rangitāiki near Taupō, New Zealand.
In addition, Meridian and Nova announced the completion of agreements to establish a 50-50 joint venture to build and operate the Te Rahui solar project, totaling 400 MW capacity.
The project offtake will be shared 50-50 under a power purchase agreement with Meridian for 100% of the offtake and a contract for difference with Nova for 50%.
In April 2024, Nova received resource consent for the project. Phase one is expected to begin delivering power by mid-2026, with full operations expected by mid-2027. Beon Energy, a renewable energy company, is responsible for the construction, initial operations, and maintenance of the project.
“We are doing our share of the heavy lifting to secure New Zealand’s energy future. Having invested more than $1 billion in the past five years, we have a further $2 billion planned for investment over the next three years. These projects will add over 1,000MW of new capacity, a five percent increase to the electricity system,” says Meridian Chief Executive Mike Roan.
Meridian Energy secured consent on four other projects in the past 12 months. Also, construction on the Ruakākā Solar project is underway, and the Mount Munro wind project has progressed to detailed design.
According to Mercom’s 1H and Q2 2025 Solar Funding and M&A report, large-scale project funding increased by 65% in the first half of 2025 compared to the same period in 2024.
In August, Green Genius, a renewable energy company, entered into financing agreements for up to €64 million (~$75 million) with the Nordic Investment Bank (NIB) and NORD/LB. The funding will be used for the development of two solar projects totaling 182 MWp in Lithuania.
