Lightsource bp and joint venture (JV) partner Contact Energy have secured a financing package worth NZ$267m ($160m) for the development of the Kōwhai Park solar farm, a 168MWdc [megawatt defined conditions) project in Christchurch, New Zealand.
The debt package has been organised as a green financing loan, with the package being jointly underwritten by Westpac, Mizuho, China Construction Bank and Intesa Sanpaolo.
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Lightsource bp APAC managing director Adam Pegg said: “This project at Kōwhai Park is our first to reach this stage in New Zealand, and we are proud to have developed such strong synergies with our partners Contact and Christchurch Airport as we help progress New Zealand’s decarbonisation.
“Reaching this point on a project in a new country for the first time is a significant milestone. Through this project, Contact has proven to be a fantastic partner, and we have built a strong relationship. We look forward to working closely together on our future projects.”
Kōwhai Park will feature approximately 300,000 solar panels.
This solar project marks the initial phase of Christchurch Airport’s renewable energy precinct, Kōwhai Park.
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By GlobalDataConstruction of the solar farm is due to commence in late 2024, with commercial operations expected to begin in 2026.
Once operational, the facility is projected to generate more than 275 gigawatt-hours of green electricity annually, enough to meet the yearly energy needs of around 36,000 homes.
Contact Energy CEO Mike Fuge said: “Contact is thrilled to have confirmed investment of our first solar farm with our JV partner Lightsource bp. The solar farm will also be our first generation asset in the Canterbury region, increasing our geographical spread across the country.
“This news comes just weeks after our announcement to build grid-scale battery in South Auckland and provides further proof of our investment in renewable energy in Aotearoa New Zealand.”
CHINTEC, the engineering, procurement and construction (EPC) contractor, has been tasked with the construction of the solar farm, while Ventia will be responsible for delivering all network connection infrastructure.
In addition to Kōwhai Park, Lightsource bp and Contact Energy aim to expand their solar portfolio in New Zealand.
This portfolio includes a 175MWdc solar farm in Glorit on the Kaipara Coast north-west of Auckland, and a 160MWdc solar farm in Taranaki, adjacent to Contact’s Stratford power station.
Earlier this month, JERA Nex, the international renewable energy branch of JERA, broadened its global footprint by acquiring two solar projects in the US from Lightsource bp.
