Fotowatio Renewable Ventures Australia, a leading developer of sustainable energy solutions, and part of Abdul Latif Jameel Energy and OMERS, has further expanded its activities in New Zealand by acquiring a large scale solar site near Lauriston on the Canterbury Plains. The acquisition was made possible due to FRV Australia’s joint venture (JV) agreement with Genesis Energy, a New Zealand publicly listed electricity generation company, and the largest electricity and natural gas retailer in the country.
FRV Australia and Genesis Energy formed a JV in late 2021 to develop up to 500MW of solar capacity over the next five years in New Zealand. This is expected to generate about 750GWh pa, which is enough to power 100,000 households or 185,000 EVs per year.
Located one hour’s drive from Christchurch, Lauriston Solar Farm is a planned 52MW project located on a 93-hectare site. Once operational, it will power the equivalent of 9,800 houses. It is expected to create more than 50 jobs during the construction phase.
Fady Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel, said: “The joint venture with Genesis Energy is further evidence of our commitment to entering new markets, while supporting sustainable infrastructure development to provide clean energy to thousands of homes and businesses. On top of this, our acquisition of Lauriston, one of the most advanced solar sites in the country, represents an important milestone in the realisation of our vision to develop up to 500MW of solar capacity over the next five years in New Zealand.”
FRV Australia CEO, Carlo Frigerio, said that the site ticked a lot of boxes and will be up and running quickly. “FRV Australia and Genesis have worked together during the past year and developed a very promising pipeline of solar projects expected to be delivered in the coming years. Lauriston solar farm is posed to be the first large scale solar farm reaching operational stage in the country”.
FRV’s regional expansion further strengthens and deepens Abdul Latif Jameel Energy’s expertise in the solar energy market, building on its already strong pipeline of green energy assets across the globe. It also consolidates OMERS Infrastructure’s leading position in infrastructure and renewable investments across different regions.
Construction is expected to begin later this year and the development aims to be fully operational by 2024.