17 May 2019
Genesis and Tilt Renewables today announce the finalisation of a 20-year electricity offtake agreement, which will provide the foundation for the construction of the approximately 130MW Waverley Wind Farm in South Taranaki.
“Tilt Renewables is pleased to have finalised this long-term offtake agreement with Genesis, which will underpin the delivery of this exciting renewable energy project,” says Deion Campbell, Tilt Renewables CEO.
Marc England, Genesis CEO, says finalisation of this deal with Tilt Renewables sits within its Future-gen framework which is aimed at identifying opportunities to decarbonise New Zealand’s energy sector while continuing to supply reliable, affordable electricity.
“Through this lens we will continue our track record of reducing carbon emissions in the electricity sector whilst not materially impacting the cost of electricity for New Zealand homes and businesses. The Waverley Wind Farm comes at a price that is competitive with other forms of baseload electricity, which is particularly important as we meet demand from the transport and industrial heating sectors looking to electrify in the coming years,” says Marc.
In October last year Genesis and Tilt Renewables announced a strategic relationship between the parties for the development of more renewable energy for the New Zealand market, and the Waverley Wind Farm will be the first project brought to fruition under this partnership.
The finalised offtake agreement will allow Tilt Renewables to complete the remaining development activities, take the final investment decision and commence construction of the wind farm within the next 6-9 months.
The Waverley Wind Farm, which will be owned and operated by Tilt Renewables, is a wind powered electricity generation project located between Patea and Waverley in South Taranaki. Resource consent for the project was granted in July 2017 and the latest design will include 31 turbines installed on the 980 hectare site.
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 New Zealand. The Hau Nui Wind Farm is a 15-turbine wind farm located in the South Wairarapa District of New Zealand. Tilt Renewables already owns and operates wind farms in New Zealand at Tararua (134 turbines, 161MW) and Mahinerangi (12 turbines, 36MW).
Waverley Wind Farm (WWF) Project and Arrangement Disclosure: (Refer to the table in the attached announcement)
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Chief Financial Officer
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