en.Wedoany.com Reported - The joint venture between Lightsource bp and Contact Energy has secured NZ$285 million in non-recourse financing for its Glorit Solar Farm project in New Zealand's North Island, with construction officially commencing following financial close.
The project, developed on a 50:50 equity basis, aims to build grid-scale renewable energy projects across New Zealand. Both parties have agreed to extend their joint venture agreement to continue pursuing new opportunities in the New Zealand market. The partnership combines Contact's expertise in the local electricity system with Lightsource bp's global development capabilities. Financing was jointly provided by ANZ, Mizuho Bank, Bank of China New Zealand Branch, China Construction Bank New Zealand Branch, and Deutsche Zentral-Genossenschafts Bank.
Adam Pegg, Chief Operating Officer for Lightsource bp Asia Pacific, stated that achieving financial close for the Glorit Solar Farm is a significant step forward for both the partnership and New Zealand's solar industry. The farm is bringing new renewable energy to market at a rapid pace, supporting demand growth while enhancing generation capacity in the upper North Island. The project's proximity to major load centers and connection to strong nodes in the national grid provide strategic advantages for the evolution of the power system as new renewable energy supply is integrated.
Mike Fuge, Chief Executive Officer of Contact Energy, said the Glorit Solar Farm, built north of Auckland, marks an important milestone in accelerating Contact's strategy. The company's vision is to lead New Zealand's renewable energy future, and it is supporting the nation's energy infrastructure needs through rapid investment and construction to achieve a more renewable, resilient, and affordable energy goal.
A joint venture between INTEC Energy Solutions and COMPLANT has been appointed for the project's engineering, procurement, and construction. The Glorit Solar Farm is expected to commence operations in the second half of 2028, contributing additional renewable electricity to New Zealand's grid and enhancing system resilience through future energy storage and stability capabilities. The project has been approved to include a DC-coupled battery energy storage system (BESS), enabling the storage and dispatch of solar power when needed, helping New Zealand increase the share of renewables in its energy mix and ensure energy security. This progress builds on the partnership's existing delivery track record, including the 168MWdc Kōwhai Park Solar Farm in Christchurch, which is nearing energization and expected to be fully operational later this year.
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