Tilt signs off-take deal with Genesis for 75-MW wind project in New Zealand

Tilt Renewables Ltd (ASX:TLT) has signed a 20-year power off-take deal with New Zealand utility Genesis Energy Ltd (NZE:GNE) for a 75-MW wind project in New Zealand.

The companies said today the agreement paves the way for the construction of the Kaiwaikawe wind farm, previously known as the Omamari wind farm, near Dargaville, Northland.

To be owned and operated by Tilt Renewables, the up-to-19-turbine wind farm is expected to be completed in early 2024. Resource consents are in progress, with a decision expected later this year, according to the announcement.

As Tilt Renewables will soon change its ownership, so will the Kaiwaikawe wind farm. The sale of Tilt Renewables to a consortium of Powering Australian Renewables (PowAR) and Mercury NZ Ltd is set to be completed on August 3. In the deal, Mercury will acquire Tilt Renewables New Zealand assets including the Kaiwaikawe wind farm.

The Kaiwaikawe project will contribute to Genesis’ Future‐gen strategy to add 2,650 GWh per year of new renewable electricity by 2030. The wind farm, which is expected to generate around 230 GWh a year, is the first confirmed project as part of a request for proposal (RFP) process run by Genesis, which will make more announcements in relation to it.

“The Kaiwaikawe Wind Farm will help us deliver on both the Future‐gen targets and our commitment to remove at least 1.2m tonnes of annual carbon emissions by 2025,” said Genesis chief executive Marc England, adding that the utility is looking at other renewable opportunities including new solar, wind and geothermal generation.

Tilt Renewables and Genesis previously partnered on the 133-MW Waipipi wind farm in South Taranaki which was brought online in March.

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