The sites for three new solar farms have been secured by a joint venture (JV) between Fotowatio Renewable Ventures (FRV) Australia and Genesis Energy on the north island of New Zealand. With an aggregated capacity of 400 MW, the three solar projects, namely, Manawatu, Waikato, and Hawke Bay, have capacities of 200 MW, 100 MW, and 100 MW, respectively. The plants will be set up on 740 hectares of land. The JV plans to supply the solar capacity in the upcoming three years.
Additionally, in order to develop the three solar plants, the JV partners estimate a $385.3 million investment, with the first of the projects anticipated to commence operations by 2026. The facilities are expected to produce enough electricity to power 85,000 households per year, reducing carbon emissions by 500,000 tonnes per year. FRV Australia is owned by Abdul Latif Jameel Energy and Canadian pension fund OMERS with 51 percent and 49 per cent stakes, respectively.
In February 2023, FRV reached financial close on two of its battery energy storage system projects in the UK. The two projects, Clay Tye and Contego, would-be built-in Essex and West Sussex, respectively.
In December 2022, FRV Australia reached financial close on the 300 MWac Walla Walla solar project in New South Wales. FRV Australia raised financing from ING, the Clean Energy Finance Corporation, and Export Development Canada.