Meridian Energy (ASX:MEZ) has committed to constructing its first grid-scale solar farm in New Zealand, approving a $227m investment in the 130MW Ruakaka Solar Farm near Whangarei.
The project will begin construction in August 2025, with first power expected by late 2026 and full generation in early 2027. Once complete, the solar farm will produce up to 230GWh per year—enough to power around half of Northland’s homes.
Located across 201 hectares and featuring 250,000 solar panels, the Ruakaka project will sit alongside Meridian’s 100MW battery energy storage system (BESS), which is due to become operational in April. Together, the solar farm and battery form the new Ruakaka Energy Park.
Chief Executive Neal Barclay said the project would enhance regional energy resilience and contribute to reducing wholesale electricity prices. “This project is special. Not just because it’s our first solar farm in New Zealand, but because it will add so much to the Northland region in terms of energy resilience,” he said.
Meridian awarded the engineering, procurement, and construction (EPC) contract to UK-based Ethical Power, which specialises in solar and battery storage systems. The farm is expected to operate for 35 years with average annual operating costs of $5m. The project’s levelised cost of energy is estimated at $97/MWh, with projected EBITDAF of $30m annually.
Environmental restoration is also part of the plan. Meridian will build a new 5-hectare wetland, enhance 4 hectares of existing wetland, and undertake 22 hectares of restoration planting as part of the development.
Ruakaka is one of several major projects in Meridian’s $3bn pipeline. Other initiatives include the 90MW Mt Munro Wind Farm, the 400MW Te Rahui Solar Farm in joint venture with Nova Energy, and a 100MW battery project in Manawatu. Meridian expects to commit $1bn of capital this year alone.
“We have built a really strong in-house construction team… so with consents lining up, we know we’ve got what it takes to get these projects built,” Barclay said.
