• Media release
  • 17 May 2019
  • 2 min read

Genesis and Tilt Renewables move forward with Waverley Wind Farm

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Genesis and Tilt Renewables today announce the finalisation of a 20-year electricity offtake agreement, which will provide the foundation for the construction of the approximately 130MW Waverley Wind Farm in South Taranaki.

"Tilt Renewables is pleased to have finalised this long-term offtake agreement with Genesis, which will underpin the delivery of this exciting renewable energy project," Deion Campbell, CEO Tilt Renewables. 

Marc England, CEO Genesis, says finalisation of this deal with Tilt Renewables sits within its Future-gen framework which is aimed at identifying opportunities to decarbonise New Zealand’s energy sector while continuing to supply reliable, affordable electricity. "Through this lens we will continue our track record of reducing carbon emissions in the electricity sector whilst not materially impacting the cost of electricity for New Zealand homes and businesses. The Waverley Wind Farm comes at a price that is competitive with other forms of baseload electricity, which is particularly important as we meet demand from the transport and industrial heating sectors looking to electrify in the coming years."

In October last year Genesis and Tilt Renewables announced a strategic relationship between the parties for the development of more renewable energy for the New Zealand market, and the Waverley Wind Farm will be the first project brought to fruition under this partnership.

The finalised offtake agreement will allow Tilt Renewables to complete the remaining development activities, take the final investment decision and commence construction of the wind farm within the next 6-9 months.

The Waverley Wind Farm, which will be owned and operated by Tilt Renewables, is a wind powered electricity generation project located between Patea and Waverley in South Taranaki.  Resource consent for the project was granted in July 2017 and the latest design will include 31 turbines installed on the 980 hectare site.

New Zealand has 17 operating wind farms with a capacity of 690 megawatts. Genesis’ Hau Nui (te reo Māori for "big wind") was the first wind farm built in New Zealand. The Hau Nui Wind Farm is a 15-turbine wind farm located in the South Wairarapa District of New Zealand. Tilt Renewables already owns and operates wind farms in New Zealand at Tararua (134 turbines, 161MW) and Mahinerangi (12 turbines, 36MW).

Waverley Wind Farm (WWF) project and arrangement disclosure:

Total capacity~130 MWLocated in the South Taranaki
Turbines31Layout provides for 31 individual wind turbine generators
Energy ProductionExpected 450-460 GWh paAverage annual output, with Genesis purchasing all energy produced by WWF
PPA Term20 yearsThe term of the offtake agreement is 20 years, in addition to generation during commissioning
PPA Price Reset10  yearsAn agreed PPA starting price over the first 10 years with regular market resets for the last 10 years
Construction100%Responsibility for the construction is solely with WWF
Financial CloseQ4 2019Financial Close is expected to be reached by December 2019
CommissioningQ3 2021Target commissioning and commercial operations by September 2021
Offer & Dispatch100%Genesis has entered a separate service agreement with WWF for offer and dispatch management services
Transmission110kVWWF will be connected into the 110kV network at the existing Waverley substation
Operation100%WWF assumes all operating responsibility for energy production from the wind farm

Media contact

Name

Emma-Kate Greer

Role

Communications Manager

Company

Genesis

Investor contact

Name

Cameron Parker

Role

Investor Relations Manager

Company

Genesis Energy

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