Genesis and FRV confirm purchase of large-scale solar site

Media Release

Date 7 February 2023

Genesis and FRV Joint Venture confirm purchase of large-scale solar site; aim to start generating in
2024

Genesis Energy and its joint venture partner, FRV Australia, have secured a fully consented, large
scale solar site near Lauriston on the Canterbury Plains. The site is expected to start generating
electricity next year.

Located one hour’s drive south of Christchurch, the 90-hectare site will hold approximately 80,000
solar panels with a capacity of 52 MW and generate around 80 GWh of renewable electricity
annually. That’s enough to power close to 10,000 houses. The project is expected to create more
than 50 jobs during the construction phase and employ up to three full time staff when operational.

The site was purchased from United Kingdom based Hive Energy. It is among the most advanced
large scale solar generation sites in the country being fully consented, with advanced grid
connection approvals and ready for the installation of panels to begin.

Genesis only announced its intention to look at solar generation in March 2021 and to have a
significant site up and running so quickly under the joint venture
underlines the company’s
commitment to renewable generation, interim Chief Executive Tracey Hickman said.

“This is another milestone for our Future-gen strategy that is focused on developing 2,650 GWh of
new renewable generation by 2030. Solar is a good addition to New Zealand’s generation mix and
when it reaches scale it will play an important role in helping manage dry year risk when hydro levels
are low and the wind doesn’t blow,” Hickman said.

“There is plenty of competition for sites and to secure one that is fully consented and ready for
installation and commissioning is a strong start to delivering on our ambition to develop up to 500
MW of solar over the next few years. There have been lots of solar announcements but not many
have the land, consents and grid connections in place. We’re looking forward to making more
announcements on solar through the year.”

FRV Australia is one of the largest solar developers, asset owners and renewable energy platforms
and the first company to deliver a project-financed, large-scale solar farm in Australia. FRV Australia
will bring its international experience to complete the installation and commissioning of the
Lauriston development.

FRV Australia CEO, Carlo Frigerio, said the site ticked a lot of boxes and should be up and running
relatively quickly.

“FRV Australia and Genesis have developed a very promising pipeline of solar projects expected to
be delivered in the coming years. Lauriston solar farm complements our own pipeline and is poised
to be the first large scale solar farm reaching operational stage in the country,” Frigerio said.

“We will focus our efforts to complete any pending preparatory activity so we can start construction
later this year and connect the project as soon as possible. The solar market is still in its infancy in
New Zealand, with no operational utility scale solar generation, so we are thrilled that Lauriston will
be one of the first to contribute to the country’s energy market.”

Site developer, Hive Energy, has 200 on-going green projects across 20 countries, with more than
£1.3 billion ($NZ2.48bn) of capital deployed to date. The Hive Energy Group is recognised
internationally as a trusted partner in the construction and operation of large-scale renewable
energy projects. Hive is known for its innovative approach and market leading vision across both
clean energy and circular economy industries.

“We are proud to be part of the expansion of renewable energy. This is the first project sale for Hive
in New Zealand, and we hope that, once complete, the Lauriston solar park will support the
country’s green energy transition and diversify the generation mix,” Giles Redpath, CEO of Hive
Energy, said.

The solar farm will be connected to EA Networks’ Lauriston zone substation. EA Networks is a locally
owned co-operative network company, that owns and operates Mid Canterbury’s electricity
distribution network. The solar farm design specifically allows dual use of the land. It will produce
the equivalent to approximately 13% of Electricity Ashburton’s annual energy needs from using just
0.03% of the land, and sheep will still be able to graze under the panels.
EA Networks Chief Executive, Roger Sutton, said the rural network was built to support the large
irrigation load it currently manages.
“It gives us the ability to absorb large-scale solar farms. We anticipate renewable solar generation
will help with summer peaking electricity demands, as well as providing greater resilience for the
local community,” Sutton said.
“Also, one of our leading opportunities to decarbonise is to electrify, using electricity for commercial
heating processes and ensuring there is capacity for increasing numbers of electric vehicles. We are
ready to play our part in this transition, but for it to work, we will need more renewable generation.
It’s great to see a solution being developed in our own backyard.”
The Lauriston development also aligns with the strong community focus EA Networks has built over
the years, a key goal being to support the local community in achieving lower electricity costs.
“We’re pleased to have the opportunity to support this development, as we expect it will drive lower
energy prices for our customers when they are using the most,” Sutton said.
ENDS

For more information and to speak with Tracey Hickman please contact:

Estelle Sarney
External Communications Manager
Mobile: 027 269 6383

Investor relations enquiries:

Tim McSweeney
GM Investor Relations and Market Risk
Mobile: 027 200 5548