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The Australian arm of Saudi-based Abdul Latif Jameel Energy’s renewable business FRV-X is expanding its business in New Zealand by securing three new solar sites in the country through a joint venture with the publicly listed Genesis Energy.
FRV Australia, is part of the Saudi Arabia-based Abdul Latif Jameel Energy and Environment Holding Company Limited and Canadian asset management company OMERS. It will work with Genesis Energy to build three new solar farms on New Zealand’s North Island. Once built, the solar farms will generate enough electricity to power approximately 85,000 homes, according to a statement.
The new sites are part of FRV Australia and Genesis Energy’s plan to develop up to 500MW of solar capacity in New Zealand. A statement read that the solar farms will also remove approximately 500,000 tonnes of CO2 emissions from fossil fuel generation annually.
Earlier this year, FRV Australia and Genesis’ JV also agreed to acquire the Lauriston solar farm, an advanced stage project in Canterbury, New Zealand with 52MW capacity. The combined generation of the four sites – 452 MW – puts the company on track to achieve the JV targets, set in 2021, of securing up to 500 MW of solar projects within five years, enough to power 100,000 households or 185,000 EVs per year.
Rebecca Larking, CEO at Genesis, said the new solar farms would “help jumpstart electrifying and decarbonising New Zealand businesses and households at scale ensuring the country is on track to be net zero by 2050.”
FRV Australia currently has over 1GW of solar photovoltaics (PV) assets developed, built or under construction across 10 projects for a total investment of over $2 billion across different states.
(Writing by Bindu Rai, editing by Daniel Luiz)
