Wind Energy Growth Accelerating
Tilt Renewables recently advised its board had approved the investment in the 133 MW Waipipi Wind Farm (formerly Waverley Wind Farm) targeting financial close in September.
The $276 million project, once operational, will have an annual output of 455GWh’s. Genesis Energy has agreed to buy all the output from the site under a 20 year off-take deal which is expected to come online in 2021.
Tilt CEO Deion Campbell commented “the business is delighted to be able to commit to a material expansion of our New Zealand wind portfolio”. He further said that “Tilt has more opportunities in our pipeline, which can contribute to the move toward a 100% green New Zealand electricity market”.
Genesis Chief Executive Marc England says Genesis is committed to supporting New Zealand's transition to a more renewable energy future. “This partnership with Tilt Renewables on Waipipi Wind Farm will enable around 250,000 tonnes of carbon to be removed from the system each year.”
Waipipi is the second major wind farm announced this year following Mercury’s decision to commence construction of its 119 MW Turitea Wind Farm in March. Meridian Energy is also considering whether to proceed with a consented wind farm in the Hawkes Bay.
Grenville Gaskell, Chief Executive of the New Zealand Wind Energy Association noted that “The importance of wind energy to New Zealand’s low carbon transition has been highlighted in a number of reports including the recent Interim Climate Change Commission’s Accelerated Electrification Report.”
He further commented ”The Association congratulates Tilt Renewables and Genesis Energy on leveraging their relative strengths to enable such a high-quality renewables development.”
Mr Gaskell noted that the combined investment in Waipipi and Turitea wind farms is over $500 million with an annual output of 925 GWh’s enough electricity to power, on average, over 400,000 electric vehicles or 130,000 homes.
He commented that “the Association looks forward to the passing of the Climate Change Response (Zero Carbon) Amendment Bill and the establishment of the Climate Change Commission. Clear targets and a framework that can develop and implement stable climate change policies and initiatives will best enable the electricity industry to sustain a future growth path that supports New Zealand’s low-emissions transition.”