Two countries means two approaches
Electricity markets in Australia and New Zealand are very different and require a different mix of asset attributes for success.
To achieve our goal in Australia, we will focus on completing the planing approvals and preparing for the construction of the best sites in our development pipeline, looking at further acquisition of permitted wind and solar sites to bolster that pipeline.
In New Zealand the focus will be on maintaining our long dated development options and securing one key North Island option. These activities will allow us to move quickly as the New Zealand market evolves.
Enabling technologies such as storage will also have a role to play, and whilst stand-alone storage assets are yet to be economic, we believe these will be important to a successful renewable asset portfolio.
Our goal is to have over 1,200 MW of permitted projects in Australia and 530 MW in New Zealand by the end of 2017.
“Our development portfolio provides solar and wind options throughout Australia and New Zealand, positioning us well to grow shareholder value via investment in both countries.”
Our Salt Creek Wind Farm reached Financial Investment Decision (FID) in mid-2017 and is now well into construction, our first investment since demerging from Trustpower. We are now working with suppliers to achieve FID on a larger project within the next 6 months and if successful, both projects will have contributed to our Australian asset base nearly doubling since the demerger.
A key path to successfully building out our pipeline is the ability to identify and execute contracted revenue options, including non-typical off-take agreements, and taking advantage of short term market prices with the uncontracted, or 'merchant' portion of our asset base.
In New Zealand, the resource consenting process for our North Island wind option at Waverley is close to completion, providing a very competitive option in our pipeline.