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Meridian Energy and Todd Corporation’s Nova Energy 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 $660 million project, for which Nova received resource consent in April this year, will produce enough electricity to power around 100,000 homes, the companies said.

They intend to reach the financial investment decision stage in the first quarter of 2025.

The project 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 an example of how collaboration can move big projects forward for the benefit of electricity users.

“At 400MW, 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.”

Nova chief executive Babu Bahirathan said the project was a significant step towards progressing Nova’s diversification into renewable energy, and the partnership demonstrates the power of collaboration in driving ambitious renewable energy projects forward.

“With a strong New Zealand-owned company like Meridian alongside us, we can accelerate the development of much needed electricity supply and continue our planned build-out of large grid-scale solar projects,” Bahirathan said.

This year, Meridian 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.

Nova Energy is New Zealand’s fifth largest electricity retailer in New Zealand, and one of the largest wholesalers and retailers of natural gas.

Meridian, the country’s biggest power company, has extensive hydro and wind power generation assets.

Jamie Gray is an Auckland-based journalist, covering the financial markets and the primary sector. He joined the Herald in 2011.