Meridian Energy Limited (ASX:MEZ) to Proceed with $227M Ruakākā Solar Farm
Project Overview
Meridian Energy has received approval to begin construction of the 130MW Ruakākā Solar Farm near Whangārei in August 2025. The $227 million project, the company’s first solar farm in New Zealand, will feature 250,000 solar panels and cover an area equivalent to 170 rugby fields, producing 230 GWh per year with an average annual generation of 216 GWh.
Financial Details
The solar farm represents a significant investment for Meridian, with a capital cost of $227 million. Construction and operations contracts have been awarded to Ethical Power, a renewable energy expert. The project is expected to generate $30 million in EBITDA per annum upon completion in early 2027.
Development Pipeline
The Ruakākā Solar Farm complements Meridian’s existing Battery Energy Storage System, fully operational in April 2025, completing the Ruakākā Energy Park. Meridian is also advancing other projects, including the 90MW Mt Munro Wind Farm and a 400MW Te Rahui Solar Farm joint venture with Nova Energy Limited.
Executive Comments
Chief Executive Neal Barclay stated, “Ruakākā Solar Farm is part of a wave of new builds that are boosting the country’s energy supply. Our collective efforts will enable more electricity use, provide alternatives to thermal fuels and boost the country’s energy security in dry years.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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