Lightsource BP has secured NZ$267m (€146m) of financing on its 168MWdc Kōwhai Park solar project located in Christchurch, New Zealand.
This will be one of New Zealand’s largest solar farms with around 300,000 solar panels, the developer said.
The project is being developed in partnership with Contact and is the first phase of Christchurch Airport’s renewable energy precinct, Kōwhai Park.
Financing for the project has been secured from Westpac New Zealand, Mizuho, China Construction Bank and Intesa Sanpaolo – IMICIB.
Adam Pegg, managing director, Lightsource BP APAC, said: “This project at Kōwhai Park is our first to reach this stage in New Zealand, and we are proud to have developed such strong synergies with our partners Contact and Christchurch Airport as we help progress New Zealand’s decarbonisation.
“Reaching this point on a project in a new country for the first time is a significant milestone.
“Through this project, Contact has proven to be a fantastic partner, and we have built a strong relationship. We look forward to working closely together on our future projects.”
Mike Fuge, Contact Energy chief executive, added: “Contact is thrilled to have confirmed investment of our first solar farm with our JV partner Lightsource BP.
“The solar farm will also be our first generation asset in the Canterbury region, increasing our geographical spread across the country.
“This news comes just weeks after our announcement to build grid-scale battery in South Auckland and provides further proof of our investment in renewable energy in Aotearoa New Zealand.”
With construction starting in late 2024 and commercial operations expected to begin in 2026, the Kōwhai Park solar farm will generate over 275GWh per year once completed. This is equivalent to the annual demand of approximately 36,000 homes.
The debt package has been structured as a green financing loan, with Westpac, Mizuho, China Construction Bank and Intesa Sanpaolo jointly underwriting the package.
Engineering, procurement, and construction contractor CHINTEC has been engaged to undertake the construction of the solar farm, and Ventia will be delivering all network connection infrastructure.
The joint venture partnership between Lightsource BP and Contact Energy has further plans to progress its solar portfolio in New Zealand, which includes a 175MWdc solar farm in Glorit on the Kaipara Coast northwest of Auckland, and a 160MWdc solar farm in Taranaki, adjacent to Contact’s Stratford power station.