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Genesis Energy Limited ( (DE:1G6) ) has shared an announcement.
Genesis Energy Limited has reached the Final Investment Decision for the Edgecumbe Solar Farm in the Bay of Plenty, advancing its Gen35 strategy to enhance renewable energy generation in New Zealand. The solar farm, with a capacity of 136 MWp, will generate approximately 238 GWh annually, powering around 29,800 homes. Construction is set to begin soon, with first generation expected in the second half of FY27. The project will be initially funded on the company’s balance sheet, with potential for capital recycling to maximize shareholder value. This development supports New Zealand’s transition to a low-carbon future by displacing gas generation, particularly in summer months.
More about Genesis Energy Limited
Genesis Energy Limited is a diversified New Zealand energy company that sells electricity, reticulated natural gas, and LPG. It is one of the country’s largest energy retailers, serving over 520,000 customers. The company generates electricity from a mix of thermal and renewable sources and holds a 46% interest in the Kupe Joint Venture, which operates the Kupe Oil and Gas Field offshore of Taranaki, New Zealand.
For an in-depth examination of 1G6 stock, go to TipRanks’ Overview page.