FRV Australia, Genesis buy 52-MW solar project in New Zealand

Fotowatio Renewable Ventures (FRV) said on Tuesday that its Australian unit acquired a 52-MW solar farm project in New Zealand through the joint venture (JV) with domestic power and gas utility Genesis Energy Ltd (NZE:GNE).

FRV Australia and Genesis set up the JV in late 2021 with a goal to develop up to 500 MW of solar power in New Zealand over the following five years. The Lauriston project that they just acquired its the first under the partnership agreement.

Lauriston was originally developed by UK renewables firm Hive Energy. It is a fully consented project sited on a 93-hectare (229.8 acres) piece of land one hour’s drive from Christchurch.

The partners expect to start construction later this year.

“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,” said FRV Australia CEO Carlo Frigerio.

FRV Australia itself is a JV between Abdul Latif Jameel Energy, which owns a 51% stake, and OMERS Infrastructure, holding the remaining 49%.

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