Genesis, FRV to form JV for 500 MW of fresh solar in New Zealand

The Aussie unit of Spain-based Fotowatio Renewable Ventures (FRV) will partner with New Zealand utility Genesis Energy Ltd (NZE:GNE) to build up to 500 MW of solar parks in New Zealand.

The capacity will be installed over the next five years through a joint venture (JV) partnership between the two parties, Genesis said in a bourse filing on Thursday. The New Zealand company, which is majority-owned by the government, will hold a 60% stake in the new entity.

Most of the photovoltaic (PV) plants will be located at the country's North Island, near existing transmission connection points. The site for the first project is due to be announced early in 2022.

Once the entire proposed capacity goes online, it will produce about 750 GWh of electricity annually, or enough to supply 100,000 homes. It will help Genesis displace 2,650 GWh of baseload thermal generation with new renewable power by 2030.

FRV Australia has been chosen after a competitive selection process. The company, part of Abdul Latif Jameel Energy, has close to 800 MW of solar parks in Australia and is building another 250 MW.

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