The joint venture aims to repower and extend the Te Rere Hau wind farm in an NZ first
Anderson Lloyd has assisted NZ Windfarms Ltd on the formation of a 50/50 joint venture with Meridian Energy to repower and extend the Te Rere Hau wind farm.
According to Anderson Lloyd, Te Rere Hau will be the “first wind farm in New Zealand to undergo repowering.” The project has the potential to produce seven times the annual renewable energy production of the existing fleet, as per an NZX announcement.
Under the joint venture, the 91 small turbines currently utilised by Te Rere Hau will be replaced with up to 39 “state-of-the-art” turbines, increasing generation capacity from 45.5mW to up to 170mW, Anderson Lloyd said.
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“If built now, the repowered wind farm would be New Zealand's second largest wind farm after the neighbouring Turitea wind farm,” NZ Windfarms chair Craig Stobo said in a statement published by RNZ.
The NZX announcement indicated that the estimated capital cost of the repowering project is projected to be between $500m and $600m. A final investment decision is expected to be made in the second quarter of 2025, with completion targeted for late 2027.
Anderson Lloyd’s team in working on the deal was led by partner Anton Trixl.
In May, NZ Windfarms secured a two-year fast track consent for the project's initial phase, which consisted of approximately 30 new, larger turbines according to the NZX announcement. The company is pursuing a second phase of fast-tracked consent for the project’s expansion (the Aokautere Extension), which involves an additional nine turbines.
Meridian Energy will spearhead the remaining development phases and expressed intent to enter into a 15-year power purchase agreement for all electricity generated by the repowered project. Additionally, Meridian agreed to subscribe for NZ Windfarms shares representing up to a 19.99% stake.