Meridian and Nova to partner for Te Rahui solar farm

Release







M e r i d i a n E n e r g y L i m i t e d ( A R B N 1 5 1 8 0 0 3 9 6 ) A c o m p a n y i n c o r p o r a t e d i n N e w Z e a l a n d
L e v e l 2 , 9 8 C u s t o m h o u s e Q u a y , W e l l i n g t o n 6 0 1 1

m e r i d i a n e n e r g y . c o . n z
Stock Exchange Listings NZX (MEL) ASX (MEZ)
Meridian and Nova to partner for Te Rahui solar farm
20 December 2024
Meridian Energy Limited (Meridian) and Nova Energy Limited (Nova) have signaled their intent to
form a 50-50 joint venture to build and operate the 400 MW Te Rahui solar farm at Rangitāiki near
Taupō.
The circa $660 million project, for which Nova received resource consent in April this year, will
produce enough electricity to power around 100,000 homes. It is intended to reach Financial
Investment Decision in the first quarter of 2025 and will be carried out in two stages, each involving
the construction of a 200 MW solar plant. Offtake will be shared 50-50 between the two parties.
Meridian Chief Executive Neal Barclay says the joint venture will be a great example of how
collaboration can move big projects forward for the benefit of electricity users.
“At 400 MW, Te Rahui is a big project and sharing the investment and offtake makes strong
commercial sense for both parties, while the project will also benefit home and business customers by
further strengthening security of supply.”
“It’s a real win-win and we’re delighted to have this opportunity to partner with Nova on Te Rahui.”
The project closes off a year in which Meridian has completed its Harapaki wind farm in Hawke’s Bay,
moved to an advanced stage of construction on its first grid-scale battery at Ruakākā and progressed
consent applications for a number of other wind, solar and battery projects as part of a $3 billion
investment pipeline through to 2030.
Meridian and Nova have signed non-binding terms sheets in relation to Te Rahui and intend to enter
into binding agreements early next year, including power purchase agreements for the electricity
produced from the solar farm.
ENDS
Neal Barclay, Chief Executive
Meridian Energy Limited

For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772

For media queries, please contact:
Phil Clark
Head of Communications
027 838 5710