Genesis is also exploring offshore wind opportunities.
Genesis and Taranaki Offshore Partnership, the joint venture between the New Zealand Superannuation Fund and Copenhagen Investment Partners, have entered a memorandum of understanding to assess future offshore opportunities.
“With our ownership in the Kupe JV [gas well] nearby and our ability to firm renewable supply and write long-term offtakes, there is strong strategic alignment in exploring this potential together,” Hickman said.
She said Genesis – which runs the coal- and gas-powered Huntly Power Station – now had a diversified, high-quality portfolio pipeline across solar, wind, battery storage and geothermal power generation.
The company’s new solar project in Canterbury – Lauriston – is in operation, and the company this week decided to press ahead with another solar project, Edgecumbe, in Bay of Plenty.
Yinson Holdings has been listed for more than 25 years and has a market cap of about $2.5 billion.
Yinson Renewables has been developing a portfolio of onshore wind projects in New Zealand for more than four years. It has a team of experts here and a country manager.
Yinson will be responsible for the delivery of the projects and Genesis will have an ability to participate in the projects as they mature.
In addition, Genesis said consents for a development at Castle Hill in Wairarapa would allow the company to build and operate a wind farm with capacity in the order of 300MW.
“We’re building an investment case, progressing design and development activities and, subject to further due diligence, will progress the project to a final investment decision,” the company said.
Genesis reported $470 million of earnings before interest, tax, depreciation, amortisation and financial instruments (ebitdaf) for 2025, up 15% year-on-year.
The company is aiming for ebitdaf of about the mid to upper $500m level by the 2028 financial year, which chair Barbara Chapman said the company was on track to deliver.
Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.
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