Lodestone Energy, a solar project developer, announced the acquisition of two grid-scale solar project sites in the Manawatu region of New Zealand from Kiwi Solar, a utility-scale and rooftop solar energy project developer. Upon completion, the two projects will each have a total capacity of approximately 27 MW. Construction on the first site is scheduled to begin by mid-2025.
The two projects will be developed along with a third Manawatu site, which is currently being planned. Once operational, Lodestone Energy says the two Manawatu solar projects will produce clean electricity of around 84 GWh annually, enough to power up to 11,700 households.
Both sites have land options signed and are going through the connection process with Powerco.
Gary Holden, Managing Director of Lodestone, says, “There is consensus across the electricity market that solar has become the most cost-effective source of clean electricity generation. Lodestone’s strategy to develop a diverse spread of regional solar resources to serve the needs of consumers across New Zealand is enhanced with these two well-developed sites. We saw immediate synergy with our other site in this area and look forward to linking this trio of generators to customers seeking to take advantage of the long-term benefits of solar.”
Currently, Lodestone’s portfolio includes two operational solar projects near Kaitaia and Edgecumbe, two additional under-construction projects near Waiotahe and Whitianga, and ten solar projects in various stages of development across New Zealand.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, 113 solar project acquisitions totaling 18.5 GW in 1H 2024 were transacted compared to 116 project acquisitions totaling 25.5 GW in 1H 2023.
Earlier this month, NextPower V ESG (NPV ESG), an OECD Fund of NextEnergy Capital, entered into a binding agreement to acquire a 248 MW solar portfolio comprising 12 solar projects in northern Spain. The portfolio acquisition is NextPower V ESG’s fourth investment.
