Genesis & FRV agree to dissolve development partnership

MARKET RELEASE

7th October 2025

NZX: GNE / ASX: GNE

Genesis and FRV agree to dissolve solar development partnership

Genesis Energy and FRV Australia have agreed to end their solar development joint venture on
good terms, while continuing their co-ownership and running of the Lauriston solar farm in
Canterbury, which was delivered on time and on budget and began generation in November 2024.

This follows separate strategic reviews by both companies, resulting in mutual agreement to
move in different directions. Genesis Chief Operating Officer, Tracey Hickman, said the decision
reflects the natural evolution of the companies’ respective strategies and the growing capability
of the development team within Genesis.

“Our partnership with FRV has been instrumental in accelerating solar development in New
Zealand. We are proud of what we have achieved together and thank FRV for their contribution
to our partnership.”

Genesis Generation Development Programme

Generation Expected Generation Update
Lauriston Solar ~100GWh p.a. Operational from Feb 25
Edgecumbe Solar ~230GWh p.a. Final Investment Decision targeted
for Q2 FY26
Leeston Solar ~110GWh p.a. Final Investment Decision targeted
for Q3/4 FY26
Foxton Solar ~345GWh p.a. In the fast-track process
Tauhara Geothermal PPA ~549GWh p.a. Operational from Jan 25
Kaiwaikawe Wind P PA ~225GWh p.a. First generation from Q3 FY27
Castle Hill Wind ~1.2TWh p.a. Under active review
Huntly Rankine Extension Up to 2TWh p.a. Pending Commerce Commission
review
BESS Stage 1 200MWh Under construction (operational
Q1 FY27)
BESS Stage 2 TBC Under review

Genesis hydro generation output is c2.8TWh p.a. (P50 hydro), from storage of c500GWh.

Renewables development will displace baseload gas generation and support greater flexibility of
hydro generation, allowing greater short, medium and long duration firming products to be
offered to the market to support security across dry periods and wind holes.

Genesis welcomes the Government’s recent announcement of actions following the electricity
market review, which our Gen35 strategy aligns well with. We will be reviewing the Government’s
recommendations in greater detail to assess how Genesis might accelerate delivery of its
strategy to support them.


ENDS

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M: 020 4184 1186
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M: 027 202 4885