Meridian Energy (NZE:MEL, ASX:MEZ) signed non-binding terms sheets with Nova Energy to form a 50-50 joint venture and operate the 400-megawatt Te Rahui solar farm at Rangitaiki near Taupo, according to a Friday filing with the Australian and New Zealand bourses.
The NZ$660 million project can produce enough electricity to power around 100,000 homes, the filing said. A final investment decision is expected in the first quarter of 2025.
Both companies plan to enter into binding agreements early next year, including purchase contracts for the electricity produced from the solar farm, the filing stated.
Meridian Energy's shares were up nearly 2% in recent Friday trade in New Zealand and were down almost 1% in Australia.
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