Genesis to use Kupe gas field profits for $1.1b renewable generation
The investments will grow Genesis’ renewable portfolio to 8,300 GWh.
Genesis Energy has set plans to support a $1.1b programme from the profits of its Kupe gas field for the development of new renewable generation and grid-scale battery storage.
Under the Gen35 investment, the company will expand on facilities for solar, grid-scale battery storage, and wind to enable growth for Genesis’ renewable portfolio to an estimated 8,300 gigawatt-hours (GWh).
The projects will allow a 160% increase in Genesis’ current 3,200 GWh of renewable capacity, estimated to rise to 95% by 2035, a similar level as the overall generation of New Zealand.
Four solar sites will generate around 450 MW and invest in grid-scale batteries.
“Electrifying the economy is the pathway to achieving net-zero 2050. New Zealand needs to move from 40% of energy drawn from electricity today to more than 70% by 2050. That means electrifying our homes and businesses much faster than we are currently,” Malcolm Johns, CEO of Genesis Energy, weighed in.
Currently, Genesis Energy has been setting for the development of more than 400 MW (800 MWh) of battery capacity, with progress for transition to biomass energy. Focus will also be dedicated to offtake agreements for its portfolio development.
Unit 5 of Huntly Power Station can generate hydrogen, functioning as a fast-start peaker for the progress of Genesis’ firming and peaking capabilities.