The two renewable energy companies Genesis Energy Ltd (NZX & ASX: GNE) and Tilt Renewables Ltd (NZX & ASX: TLT) announce they intend to partner in the development of the Waverley wind farm.
Chief executive of Tilt, Deion Campbell said the strategic relationship with Genesis would advance the capabilities to deliver more renewable energy to New Zealand.
“The parties’ agreement of proposed terms and conditions for a long term power purchase and services agreement, is a significant step toward the finalisation of a key partnership which will allow Tilt Renewables to progress the Waverley wind farm to construction, potentially as early as the first half of 2019, subject to reaching final agreement on commercial terms,” Campbell said.
The wind farm, which will be owned and operated by Tilt Renewables, is a wind powered electricity generation project between Patea and Waverley in South Taranaki.
Resource consent for the project was granted in July 2017, allowing for up to 48 turbines to be installed on the 980 hectare site.
Genesis CEO Marc England said: “The 100 megawatt wind farm could begin operating in 2020 and will further increase the percentage of generation New Zealand gets from renewable sources.”
“At 85%, New Zealand already has the third highest renewable electricity generation in the OECD and electricity generation makes up just 4% of NZ’s total carbon emissions.
New Zealand has 17 operating wind farms with a capacity of 690 megawatts. Genesis’ Hau Nui (te reo Māori for "big wind") was the first wind farm built in NZ. The Hau Nui Wind Farm is a 15-turbine wind farm in the South Wairarapa district.