Highlights

  • Genesis acquires rights to develop a 271MWp solar farm near Rangiriri, Waikato.
  • Project to be funded through Genesis’s balance sheet with future capital recycling options.
  • The site strengthens Genesis’s 700MWp solar pipeline aligned with its Gen35 renewable targets.

Genesis Energy Limited (NZX:GNE ) announced the acquisition of rights to develop a 271MWp advanced-stage solar farm near Rangiriri in Waikato. The acquisition remains conditional on vendor deliverables, expected to be completed by Q2/Q3 FY26.

Acquisition of Advanced-Stage Solar Farm

The site is strategically located near Auckland and Transpower’s planned new 220kV substation at Glen Murray, offering an optimal grid connection and access to market. It is also positioned close to Genesis’s 200MWh battery under construction at the Huntly Power Station.

Strengthening Renewable Portfolio and Capital Strategy

The Rangiriri project will be funded through Genesis’s balance sheet, with an opportunity for capital recycling following project commissioning. This approach aligns with the company’s capital management framework, which includes three options: direct investment, joint ventures with third-party capital, and Power Purchase Agreements (PPAs).

These strategies aim to maintain Genesis’s BBB+ credit rating while providing flexibility for future Gen35 renewable investments. The company stated that the Rangiriri project supports its Gen35 objective to develop up to 500MWp of solar capacity to complement its hydro generation assets and reduce gas reliance, particularly during summer months.

Project Metrics and Timeline

The Rangiriri solar project, located in Waikato near Auckland, is a consented and grid-connected development with a planned capacity of 271MWp. Once operational, it is expected to generate approximately 437GWh of electricity annually, enough to power around 54,600 homes. The estimated project cost is about NZD 487 million, with the Final Investment Decision (FID) anticipated in mid-FY27 and first generation expected by mid-FY29. The development rights for the project have been acquired from IGP New Zealand Limited, which trades as Pioneer Green Power.

Management Commentary

Genesis Chief Operating Officer, Tracey Hickman, said:

“Rangiriri represents an exciting milestone in delivering our Gen35 solar objectives (up to 500MWp) and leverages the flexibility offered by our assets at Huntly Power Station, specifically our new BESS, in addition to making our hydro schemes more valuable as flexible, long-duration storage that balances intermittent solar generation and battery discharge. The contract to purchase this advanced-stage development has some minor conditions to complete, which we expect to do in Q2 FY26. This acquisition demonstrates Genesis's ability to identify and develop world-class renewable assets in a way that improves the value of our portfolio for customers and shareholders. Funding from our balance sheet reflects confidence in long-term value creation while maintaining financial flexibility to ensure we are managing capital in the best interests of our shareholders.”

Share performance

SPN shares traded at NZD 2.54 per share on 30 October 2025.