Lightsource bp and Contact Energy have finalized NZ$267 million in financing for their solar farm project in Kōwhai Park, Christchurch.
The project, with a capacity of 168 MWdp, will become one of New Zealand’s largest solar installations, with around 300,000 solar panels.
The financing is structured as a green loan, backed by Westpac New Zealand, Mizuho, China Construction Bank and Intesa Sanpaolo.
This specific financing model targets energy infrastructure projects, underlining the growing interest of financial institutions in projects related to new energy technologies.
A major breakthrough in New Zealand’s energy sector
The Kōwhai Park solar farm will produce over 275 GWh annually, covering the electricity needs of 36,000 homes.
This project is a first for Contact Energy in the Canterbury region, strengthening its geographical presence.
The addition of this new production capacity is in line with the company’s recent initiatives, particularly in the field of energy storage.
This project not only represents an important milestone for Lightsource bp and Contact Energy, but also for the New Zealand energy sector as a whole.
The integration of this solar farm into the electricity grid will contribute to the diversification of energy sources available in the country.
Continued expansion and new projects on the horizon
Alongside Kōwhai Park, Lightsource bp and Contact Energy plan to continue their expansion with additional solar projects.
These include a 175 MWdp solar farm at Glorit on the Kaipara coast, and a 160 MWdp solar farm at Taranaki, near the Stratford power station.
These projects demonstrate the companies’ commitment to increasing their solar production capacity, which represents a significant evolution in the country’s energy landscape.
These new capacities will help to meet the growing demand for electricity while ensuring a stable supply.
