Genesis pushes ‘go’ on Edgecumbe Solar project

Genesis Energy plans to build a $236 million solar power project in the Bay of Plenty. Photo / Supplied

Genesis Energy has pushed “go” on its $236 million Edgecumbe Solar Farm project in the Bay of Plenty, which is expected to start generating enough power for around 29,800 homes by the second half of its 2027 financial year.

The generator-retailer said reaching its final investment decision (FID) for the project marked a significant milestone in the delivery of its “Gen35″ renewable energy strategy.

The Edgecumbe Solar Farm will have a capacity to generate about 238 gigawatt hours (GWh) annually.

Construction is expected to start shortly.

Horizon Networks has been appointed for the design and construction of the overhead line connecting the site to the national grid.

Global industrial and energy company Metlen, through its Renewables and Energy Transition Platform Sector, has been hired for the engineering, procurement and construction of the farm.

Genesis said the Edgecumbe project would initially be funded from its own balance sheet.

Following commissioning, Genesis remained open to opportunities for “capital recycling” or bringing other parties in to the mix.

“This aligns with the three approaches to capital management already announced: by investing directly from its own balance sheet, using third-party capital with joint ventures and power purchase agreements to indirectly leverage third-party capital.

“These capital management options enable Genesis to deploy capital efficiently while maintaining our BBB+ credit rating and financial flexibility for future Gen35 [renewable energy] investments,” the company said.

Genesis said the project would enhance the value of its three hydro generation sites and battery storage investments, by providing flexible, renewable energy to meet growing demand.

It would also further displace gas generation, particularly over the summer months.

The decision to proceed with Edgecumbe follows Genesis’ announcement in October that it would proceed with a solar farm at Rangiriri, near Huntly, which is expected to be completed by the second or third quarter of its 2026 financial year.

NZX-listed Genesis is 51% owned by the government.

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