Newzealand-based Meridian Energy and Nova Energy have established a 50-50 joint venture to build the 400 MW TeRahui solar farm at Rangitāiki near Taupō. Nova secured resource consent in April 2024. The joint venture has obtained $300 million financing from ANZ for the first 200 MW stage. Power offtake is shared, with Meridian contracting 100% and Nova securing 50% through a contract for difference. Construction and initial operations contracts were awarded to Beon Energy. Phase one is expected to deliver electricity by mid-2026, with full completion in mid-2027. A financial investment decision for the second 200 MW stage is pending. Meridian and Nova announced the joint venture plan in December 2024, aiming to expand capacity and strengthen New Zealand’s electricity system.