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Tilt Renewables and partner Genesis Energy energise NZ windfarm

Under their strategic partnership, Tilt Renewables will own and operate the wind farm and Genesis will purchase all the energy generated.

National Grid - Tilt Renewables and partner Genesis Energy energise NZ windfarm
Genesis and Tilt have signed a 20-year electricity offtake agreement.

Genesis Energy Ltd’s (ASX:GNE) partner Tilt Renewables Limited (ASX:TLT) (NZE:TLT) has started generating 100% renewable, zero-emissions electricity to the national grid from its Waipipi windfarm in South Taranaki in New Zealand.

The milestone energisation of the first turbines is largely on schedule despite the Covid-19 related shutdown of the site earlier in the year.

The first generation is also the latest proof point for Genesis’ future-gen strategy and its key role in empowering New Zealand’s sustainable future.

Strategic partnership

Under their strategic partnership, Tilt owns and operates the wind farm and Genesis purchases all the energy generated.

Waipipi’s 31 wind-turbines, once fully installed and commissioned, will generate 133.3 megawatts and will produce an expected 455 GWh per year and is enough to power about 65,000 homes, double the number in New Plymouth.

This will enable a reduction of up to 250,000 tonnes of carbon, equivalent to removing about 70,000 petrol cars from New Zealand roads.

“We will continue to look for further opportunities”

Genesis chief executive Marc England said: “This is another demonstration of Genesis’ commitment to renewable energy.

“Our Future-gen strategy will enable us to further reduce our carbon emissions by another million tonnes in the next ten years.

“Our target is to develop 2,650 GWh of new renewable generation options, and Waipipi will deliver the first 455 GWh of that.

“We will continue to look for further opportunities to transition our baseload thermal generation portfolio to renewables including new solar, wind and geothermal generation projects.”

Genesis-Tilt Renewables partnership

There are two elements to the Genesis-Tilt Renewables partnership, a power purchase agreement (PPA) and a dispatch services agreement (DSA).

Under the PPA, Tilt Renewables owns and operates the wind farm and Genesis purchases the electricity generated.

Under the DSA, Genesis manages the wind farm’s output and offers it into the electricity market for trading.

Waipipi is Tilt Renewables’ largest New Zealand asset.

Quick facts: Tilt Renewables

Price: 3.71 AUD

ASX:TLT
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Market Cap: $1.4 billion
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