Tilt Renewables Ltd (NZE:TLT) has finalised a power purchase agreement (PPA) with utility Genesis Energy (NZE:GNE) for the output of its 130-MW Waverley Wind Farm in New Zealand.
The 20-year deal paves the way for Tilt Renewables to take a final investment decision and launch construction on the project within the next six to nine months, Genesis Energy said on Friday. According to the project schedule, financial close is anticipated to be reached by December 2019, while the wind farm will be put into operation by September 2021.
To be located in the South Taranaki territorial authority, the Waverley Wind Farm will be owned and operated by Tilt Renewables. The project has resource consent for up to 48 turbines but the latest design envisages 31 machines. Once up and running, the plant is expected to produce around 460 GWh of electricity annually.
The off-take deal follows the set-up of a strategic relationship between Tilt Renewables and the New Zealand-based utility in October 2018 to develop renewables energy projects in New Zealand, starting with the Waverley Wind Farm. The price of the PPA has bee fixed for the first 10 years and will be subject to regular market resets for the other 10.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.