Meridian Energy Limited and Nova Energy Limited have completed agreements to establish a 50-50 joint venture to build and operate the 400MW Te Rahui solar farm at Rangitaiki near Taupo. The joint venture has also secured $300 million in financing for the first 200MW phase of the project through a lending group of ANZ, BNZ, CBA, MUFG and Westpac. Project offtake will be shared 50-50 by way of a power purchase agreement with Meridian for 100% of the offtake and a contract for difference with Nova for 50%.
Nova received resource consent for Te Rahui in April 2024. When completed, both phases will produce enough electricity to power around 100,000 homes. First power on phase one is expected in mid-2026, with full power in mid-2027.
Neither party has yet received a financial investment decision for stage two (200MW), but both parties are working to progress stage two as soon as possible.
