Lodestone’s second solar farm operational

Solar generator Lodestone Energy’s second utility scale solar farm called Rangitaiki near Edgecumbe in the Eastern Bay of Plenty is now producing power.

Construction began in March 2023, more than 130 construction staff involved.

Lodestone will sell the Rangitaiki production of more than 50GWh a year into the market through long-term contracts, including 25 North Island stores part of The Warehouse Group. 

Adding this second site within months of commissioning Kaitaia is part of the company’s plan to build its Phase 1 sites by the end of 2025, says Lodestone Energy managing director Gary Holden.

 “We are on a fast-track path to contribute to a consumer-base that is increasingly using more electricity.” 

Lodestone’s third farm in Waiotahe near Whakatane in the same region is expected to be generating by the end of the year.

The solar generator has recently awarded the operations and maintenance contract for its five Phase 1 solar sites to NewPower Energy (a WEL Networks subsidiary).

Lodestone successfully completed an equity raise of $55 million earlier this year, funding the pre-construction of its Phase 2 projects which will see Lodestone include South Island locations.

Overall, Lodestone has compiled $600 million in capital across its Phase 1 and 2 portfolio and is planning another raise at the end of the year, aiming to build new sites continuously through 2025 and 2026.

“We already have customers in both islands and diversifying our production locations is part of serving them most effectively,” says Holden.

“The South Island has many regions that have plenty of sunshine and land suitable for solar.

“In the end, like Edgecumbe and Kaitaia, we believe that each population area will have some solar production, and we are dedicated to making sure this happens as soon as possible.”