Genesis goes solar

Electricity generator and retailer Genesis is reported to be in discussions to buy power from a proposed solar farm.

The move surfaced during Genesis’s half-year results announcement, the company posting a $9.2 million net profit for the six months ended December 31 – down 81.4% on the previous corresponding period – from $1.3 billion revenue.

The solar farm developer hasn’t been revealed but the project could be operational in three years.

Genesis already has an arrangement with Australian-based Tilt Renewables for power from the 130MW Waverley Wind Farm in South Taranaki, expected to be ready in September 2021.

It has an agreement to take electricity for about 20 years.

Genesis’ interim result was impacted by a planned 30-day stoppage in November at the Taranaki Kupe oil and gas field, while lower hydro power station inflows forced it to rely more on the coal and gas-fired Huntly Power Station and to bring in more coal.

It plans to scrap coal use where possible by 2025.

Retail sales remain strong, Radio New Zealand reports, and Genesis expects an improved second half but has pared back its forecast by about $10m to between $360m and $370m.