Fotowatio Renewable Ventures (FRV) mentioned on Tuesday that its Australian unit acquired a 52-MW photo voltaic farm venture in New Zealand by the three way partnership (JV) with home energy and gasoline utility Genesis Vitality Ltd (NZE:GNE).
FRV Australia and Genesis set up the JV in late 2021 with a purpose to develop as much as 500 MW of solar energy in New Zealand over the next 5 years. The Lauriston venture that they simply acquired its the primary underneath the partnership settlement.
Lauriston was initially developed by UK renewables agency Hive Vitality. It’s a totally consented venture sited on a 93-hectare (229.8 acres) piece of land one hour’s drive from Christchurch.
The companions anticipate to begin development later this 12 months.
“FRV Australia and Genesis have labored collectively in the course of the previous 12 months and developed a really promising pipeline of photo voltaic tasks anticipated to be delivered within the coming years,” mentioned FRV Australia CEO Carlo Frigerio.
FRV Australia itself is a JV between Abdul Latif Jameel Vitality, which owns a 51% stake, and OMERS Infrastructure, holding the remaining 49%.
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