Tilt Renewables announces Kaiwaikawe Wind Offtake Agreement

Mon, Aug 02 2021 10:00 am


2 August 2021


Genesis Energy and Tilt Renewables announce Kaiwaikawe Wind Farm Offtake Agreement

Genesis Energy and Tilt Renewables have executed a conditional 20-year electricity offtake agreement that will provide the foundation for the construction of the 75MW Kaiwaikawe Wind Farm located near Dargaville, Northland.

The two companies partnered in a similar way for the 133MW Waipipi Wind Farm in South Taranaki which was delivered on time despite the impact of COVID-19 on the supply chain and on-site construction activities. It became fully operational in March and is expected to produce approximately 455GWh of renewable generation each year.

The Kaiwaikawe Wind Farm (previously known as the Omamari Wind Farm), is expected to be completed by early 2024 and supports Genesis’ Future-gen strategy to economically displace baseload thermal generation with 2,650GWh per annum of new renewable electricity by 2030.

“The partnership between Genesis and Tilt Renewables has changed the face of the electricity market in New Zealand and we are happy to see this next project from our pipeline be included in Genesis’ Future-gen strategy,” says Deion Campbell, Tilt Renewables CEO.

The Kaiwaikawe Wind Farm will reduce carbon emissions from Genesis’ thermal generation by an estimated 180,000 tonnes per annum. It is the first confirmed project of an RFP process that Genesis has been conducting with more announcements due.

Marc England, Genesis CEO, said it is another proof point for the Future-gen strategy and the company’s commitment to empowering New Zealand’s sustainable future.

“The Kaiwaikawe Wind Farm will help us deliver on both the Future-gen targets and our commitment to remove at least 1.2m tonnes of annual carbon emissions by 2025,” England said.

“We understand the role Genesis has to play in the country’s transition to a low carbon future and are looking at other renewable opportunities including new solar, wind and geothermal generation.”

In October 2018, Genesis and Tilt Renewables formed a strategic relationship for the development of more renewable energy for the New Zealand market. The Kaiwaikawe Wind Farm, which will be owned and operated by Tilt Renewables, is located approximately 12km northwest of Dargaville in Northland and is an ideal location for a windfarm due to its wind resource, appropriate environmental footprint, construction characteristics and proximity to the transmission network.

It is also well located in a region of Northland that will benefit greatly from the development of additional utility scale generation close to key load centres. It will be powered by up to 19 turbines utilising some of the latest turbine technology to maximise efficiency and production. Resource consents for the project are progressing with a hearing scheduled for August 2021 and a decision is expected later in the year. It is expected to create between 70 – 80 jobs during construction.

New Zealand has 18 operating wind farms with a capacity of 820 megawatts. Genesis’ Hau Nui (te reo Māori for "big wind") was the first wind farm built in New Zealand and this year marked its 25th anniversary of operation. It is a 15-turbine wind farm located in South Wairarapa. Tilt Renewables already owns and operates wind farms in New Zealand at Tararua (134 turbines, 161MW), Mahinerangi (12 turbines, 36MW) and Waipipi (31 turbines, 133MW).

Tilt Renewables has grown to be one of the leading developers, owners and operators of renewable generation assets in Australia and New Zealand.

On the 23rd July 2021, the High Court of New Zealand approved the sale of Tilt Renewables to a consortium of Powering Australian Renewables (PowAR) and Mercury NZ Limited (Mercury). The sale is expected to be completed on the 3rd August 2021 with Mercury acquiring Tilt Renewables New Zealand assets including the Kaiwaikawe Wind Farm.

See the table in the attached announcement for details of the Kaiwaikawe Wind Farm (KWF) Project and Arrangement Disclosure.


For further information from Tilt Renewables, please contact:
Steve Symons
Chief Financial Officer
Tilt Renewables
Phone +61 419 893 746

Announcement PDF

Markets News

Markets market close
NZ shares fall as market rally evaporates
Dan Brunskill | Wed, 29 Jun 2022

A survey showed US consumer confidence was at its lowest since 2013.

Kiwi chair Mark Ford says property values may fall 5-10%
Jenny Ruth | Wed, 29 Jun 2022

Many of the factors weighing on Kiwi Property's share price are beyond its control, chair Mark Ford told shareholders.

Cecilia Robinson shoulder tapped for My Food Bag board seat
Dan Brunskill | Wed, 29 Jun 2022

The serial entrepreneur kept a financial and personal stake in the company, even after its IPO last year. 

New Image fined $1.5m for 2013 Takeovers Code breaches
Staff reporters | Wed, 29 Jun 2022

New Image delisted from the New Zealand Stock Exchange in May 2013 after its major shareholder gained control. 

Air NZ gets set for post-pandemic competition with cabin refit
Dan Brunskill | Wed, 29 Jun 2022

The cabin redesign's focus on sustainability lowers operating costs for the airline and gives it a unique selling point.  

Govt signs off on treating Fonterra fund investors badly
Jenny Ruth | Wed, 29 Jun 2022

Agriculture minister Damien O’Connor has acknowledged the fund investors may feel “unfairly prejudiced” and failure to buy them out could hurt NZ’s investment climate.

Markets FREE
Sleepy day for NZ shares
Ella Somers | Tue, 28 Jun 2022

NZ shares were lethargic this morning before getting some of the pep back in their step by the end of the day.

Carbonz wants to be the Sharesies of carbon credits
Ian Llewellyn | Tue, 28 Jun 2022

A new carbon trading platform aims to bring retail investors and landowners into the carbon market while increasing biodiversity and cutting emissions.

Markets market close
NZ sharemarket rebounds with Wall Street rally
Dan Brunskill | Mon, 27 Jun 2022

US markets rallied on Friday night as traders began thinking an economic slowdown would stop the US Federal Reserve from hiking interest rates.

News in Brief FREE
Cannasouth announces new manufacturing deal
Staff reporters | Mon, 27 Jun 2022

The medicinal cannabis company has signed a three-year deal with Harker Herbal Products.

Fletcher wowed analysts at last week’s investor day
Jenny Ruth | Mon, 27 Jun 2022

All five of the analysts’ reports BusinessDesk has seen have either “overweight” or “outperform” investment recommendations on Fletcher shares.

Markets FREE
How to survive a bear market
Dan Brunskill | Fri, 24 Jun 2022

Bear markets can be stressful but they also present opportunities for investors, says Salt Funds' Greg Fleming.  

Markets FREE
Index heavyweights pull NZ shares higher
Ella Somers | Thu, 23 Jun 2022

Peter McIntyre, an investment adviser at Craigs Investment Partners, said it had been a “strong performance” in today’s market.

How we can fix New Zealand's ports – Don Braid
Brent Melville | Thu, 23 Jun 2022

The head of the multinational logistics group says having container cranes sitting idle across the country is a waste of assets

Markets Exclusive
Investment platform Stake brings stock lending to NZ
Dan Brunskill | Thu, 23 Jun 2022

The zero-brokerage fee share trading platform is looking for ways to bring in revenue and make its business model more sustainable. 

Fletcher to deliver at least $850m operating earnings in 2023
Jenny Ruth | Thu, 23 Jun 2022

Fletcher Building achieved second-half profit margins of 9.5%, just below its target of 10% by the 2023 financial year.

Markets market close
NZ shares fall as Eroad near all-time low
Dan Brunskill | Wed, 22 Jun 2022

Eroad had a second day as the index’s biggest decliner, falling more than 5% to $1.57 and bringing its decline over the past year to almost 75%.

Fletcher said Gib orders reached double capacity
Staff reporters | Wed, 22 Jun 2022

Fletcher's new plant at Tauriko, due to open next year, will increase industry capacity by 30%.

Craigs recommends investors be ‘overweight’ Fletcher shares
Jenny Ruth | Wed, 22 Jun 2022

Even under a “bear-case scenario”, the house building pipeline should support Fletcher’s medium-to-long-term performance.

Markets FREE
NZ shares rise as recession fears ease
Ella Somers | Tue, 21 Jun 2022

Some investors in NZ’s market took the opportunity to buy up “beaten up” stock on the index today, Devon Funds' Greg Smith said.

Markets market close
NZ shares flat as recession risk puts investors off trading
Dan Brunskill | Mon, 20 Jun 2022

Trading volumes were unusually light, with US markets closed tonight for a national holiday.

NZSA, Simplicity call for Fletcher chair Bruce Hassall to resign
Jenny Ruth | Mon, 20 Jun 2022

The shareholder representatives say the Fletcher board must bear ultimate responsibility for the company’s poor performance and the Gib plasterboard shortage.

NZME makes up for slow buyback with $10m special dividend
Dan Brunskill | Mon, 20 Jun 2022

NZME has only spent $5.3m of the $30m set aside for share buybacks. 

Macquarie says Australian banks are profiting from low term deposit rates
Dan Brunskill | Mon, 20 Jun 2022

Are banks being too slow to raise term deposit rates? Some analysts say yes.