New
Zealand solar developer, Rānui
Generation, has announced commencement of the on-site
works for the first of four solar farms currently in its
development pipeline. The Twin Rivers Solar Farm in
Pamapuria, near Kaitaia, is a 31MWp project capable of
delivering enough electricity to power 6,000 households or
25,000 electric vehicles for a year.

Contracts for the
Twin Rivers project have been awarded to GE Vernova and
INTEC Energy Solutions. The project has a long-term easement
agreement with the landowner and construction will start
this month.

Rānui Generation was acquired by
Singapore-based renewable energy investor, SC Oscar, in
June. SC Oscar, has completed the acquisition through its SC
Renewable Energy Plus Fund 1 Limited Partnership (Fund)
received, with consent for the investment by the Fund
granted by the New Zealand Overseas Investment Office in
October 2023. SC Oscar intend to fund the construction of
the four development-stage solar PV power projects which
will deliver a combined capacity of 157 MWp. 

SC
Oscar has attracted $220M in offshore investment for Rānui
to develop a portfolio of renewable energy projects. The
Twin Rivers solar project is the first of several solar
projects that SC Oscar plans to fund as part of its
commitment to invest directly in renewable energy and energy
transition real assets in Asia Pacific. With support from
the Fund, Rānui Generation will accelerate the development
of its three other solar projects with construction
scheduled to start in 2025.

Rānui Generation
CEO, Jason Foden, says this acquisition by SC Oscar
is an exciting development for the business and a signal of
the vast potential in New Zealand’s accelerating energy
transition.

“The start of construction of the Twin
Rivers solar project represents a significant milestone in
expanding renewable energy infrastructure in Northland. In
partnership with the local community, we are excited to
deliver much-needed power generation to a region of New
Zealand that has traditionally faced the highest electricity
tariffs.”

SC Oscar CEO, Connor McCoole,
echoes this excitement, “We are particularly
attracted to Rānui Generation due to the positive
attributes of the New Zealand electricity market and the
excellent quality of the Rānui portfolio. SC Oscar aims to
create long-term value for investors by investing in the
energy transition and we are delighted to support New
Zealand in its commitment to a full transition to renewable
energy.”

Thanks to the financial support of SC
Oscar, Rānui Generation has provided its key contractors,
GE Vernova and INTEC Energy Solutions, with Notice to
Proceed.

INTEC, Country Manager of Australia
and New Zealand, Phil Wood, stated “At INTEC, we
are pleased to be providing EPC services for this remarkable
project and strengthening our presence in New Zealand. This
is supported by our proven track record and experience
throughout Europe. I am confident that this strong
partnership with Rānui Generation will result in
exceptional projects, meeting the region’s renewable energy
needs for years to come.”

GE Vernova’s
Solar and Storage business in New Zealand, Regional
Commercial Leader, Jeff Hanson, said,
“We are excited to work with Rānui Generation on
the Twin Rivers project. GE Vernova will deliver an
engineered equipment package based on our advanced
Flexinverter PCS and SunIQ technology. This advanced
technology is designed to enhance the project’s efficiency
and reliability, ensuring optimal performance and seamless
integration with the local grid.”

A recent report by
Boston Consulting Group highlighted the need for an
investment of $10.2 billion in utility-scale renewable
generation in New Zealand across this decade. Foden says
this landmark deal demonstrates that figure is far from
insurmountable, and it’s on future-focused New Zealanders
to create the models and opportunities that will attract the
necessary investment in years to
come.

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