Meridian to proceed with $227m Ruakākā Solar Farm

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Meridian to proceed with $227m Ruakākā Solar Farm

25 March 2025


Construction of Meridian Energy’s 130MW Ruakākā Solar Farm south of Whangārei is set to begin in
August 2025, with the project receiving a final investment decision and construction approval from the
Meridian Board. The $227 million project is the company’s first New Zealand solar farm.

Meridian Chief Executive Neal Barclay says Ruakākā Solar Farm will provide benefits to the New
Zealand energy system and Northland’s energy resilience.

“This project is special. Not just because it’s our first solar farm in New Zealand, but because it will
add so much to the Northland region in terms of energy resilience, and we’ve seen in recent years
how important that is.”

“Ruakākā Solar Farm is part of a wave of new builds that are boosting the country’s energy supply.
These are busy times for Meridian and many others investing in the generation market, and our
collective efforts will enable more electricity use, provide alternatives to thermal fuels and boost the
country’s energy security in dry years. As more and more new renewable generation comes online,
we’ll start to see wholesale power prices come down, which is what we want for kiwi homes and
businesses,” says Neal Barclay.

With 250,000 solar panels and covering an area the size of 170 rugby fields, Ruakākā Solar Farm will
be capable of producing up to 230GWh of electricity per year – enough to power around half the
homes in Northland. It is located next to Meridian’s 100MW Ruakākā Battery Energy Storage System
(BESS), which will be fully operational in April, and will complete the company’s Ruakākā Energy
Park.

Today’s announcement follows several recent milestones in Meridian’s development pipeline,
including consent for its 90MW Mt Munro Wind Farm near Eketāhuna, the announcement of a 50-50
joint venture with Nova Energy Limited to build the 400MW Te Rahui Solar Farm at Rangitāiki near
Taupō, and consent for a 100MW BESS in Manawatū. Meridian is also part of a joint venture with
New Zealand Windfarms to repower the Te Rere Hau wind farm, also in Manawatū.

“There is real momentum in our development pipeline. We’re planning a $3 billion investment through
to 2030 and expect to commit $1 billion of capital this year alone.”

“We have built a really strong in-house construction team that’s already capable of delivering two
projects at once, so with consents lining up we know we’ve got what it takes to get these projects built
and delivering more clean energy for our system and customers across Aotearoa,” says Neal Barclay.

Meridian has awarded construction and operations & maintenance contracts to renewable energy
expert Ethical Power, with first generation expected in late 2026 and full generation in early 2027.

m e r i d i a n e n e r g y . c o . n z
PG 2

Ethical Power specialises in solar and battery energy storage systems, with an extensive track record
delivering renewable energy projects in the UK, and a growing presence in Spain, Italy, and New
Zealand.

ENDS

Neal Barclay
Chief Executive
Meridian Energy Limited


For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Lachlan Forsyth
Media & Content Manager
021 243 5342

RuakākāSolar Farm
Investment Decision
MERIDIAN ENERGY LIMITED25 March 2025

RuakākāSolar Farm Investment Decision
2
MERIDIAN ENERGY25 March 2025
Today’s announcement
Meridian has committed to construction of the
RuakākāSolar Farm.
Meridian’s first grid-scale solar development in New
Zealand, scheduled for completion in early 2027.
Second stage of the RuakākāEnergy Park following the
Battery Energy Storage System (BESS), which will be
fully operational in April 2025.
Energy Park is at a strategic location close to
Transpower’s 220kV Bream Bay substation.
Solar Farm is an NPV positive project and shares some
physical infrastructure developed through construction
of the BESS.

RuakākāSolar Farm Investment Decision
3
MERIDIAN ENERGY25 March 2025
Project overview
The 130MW solar farm comprises three sites, 30 minutes drive
from Whangārei.
Site 1 is locatedimmediately adjacent to Transpower’s 220kV
Bream Bay substation.
Sites 2 and 3 are located 1km southwest of Site 1.
A wrapped ‘Engineer, Procure & Construct’ (EPC) approach will
be used to deliver the project engineering outcomes.
Bulk of the project capital cost is the EPC contract with Ethical
Power.
Meridian will also construct a new 5 hectare wetland, enhance
4hectares ofexisting wetland and complete 22 hectares of
restoration planting.
High voltage export pathto the Transpower grid, along with
the operations & maintenance and switching room buildings
were all completed as part of the BESS project.

RuakākāSolar Farm Investment Decision
4
MERIDIAN ENERGY25 March 2025
Project specifications
201hectares across 3 sites.
First powerin Q4 CY 2026.
Project completion in Q1 CY 2027.
130MWac
1
capacity.
216GWh average annual generation
EPCcontract with Ethical Power.
35year plant life with declining price participation.
20.4%capacity factor.
79,000tCO2e construction emissions being offset.
120construction jobs.
$227 million capital cost (nominal, $1.75m/MW)
including contingency, excluding capitalised interest and
land purchases.
$5 millionaverage annual operating costs (nominal,
$20/MWh), including Operations and Maintenance
Agreement with Ethical Power.
$97 /MWhlevelisedcost of energy (real, 2025).
$30 million EBITDAF per annum (annual average,
nominal).
1
megawatt alternating current, refers to the capacity of a solar power plant to deliver electricity to the
grid, measured in AC (alternating current).

2025 INTERIM RESULTS PRESENTATION
5
MERIDIAN ENERGY26 February 2025
The information in this presentation was prepared by Meridian
Energy with due care and attention. However, the information is
supplied in summary form and is therefore not necessarily
complete. In addition, neither the company nor any of its directors,
employees, shareholders nor any other person shall have liability
whatsoever to any person for any loss (including, without
limitation, arising from any fault or negligence) arising from this
presentation or any information supplied in connection with it.
This presentation may contain forward-looking statements and
projections. These reflect Meridian’s current expectations, based
on what it thinks are reasonable assumptions. Meridian gives no
warranty or representation as to its future financial performance or
any future matter. Except as required by law or NZX or ASX listing
rules, Meridian is not obliged to update this presentation after its
release, even if things change materially.
This presentation does not constitute financial advice. Further, this
presentation is not and should not be construed as an offer to sell
or a solicitation of an offer to buy Meridian Energy securities and
may not be relied upon in connection with any purchase of
Meridian Energy securities.
The information contained in this presentation should be
considered in conjunction with the company’s financial statements,
which are available at:
www.meridianenergy.co.nz/about-us/investors
All currency amounts are in New Zealand dollars unless stated
otherwise.
Disclaimer