Genesis and Yinson Renewables execute 15-year Mt Cass deal

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MARKET RELEASE
22 December, 2025
NZX: GNE / ASX: GNE
Genesis and Yinson Renewables execute 15-year Mt Cass deal

Genesis Energy has entered into a conditional 15-year Power Purchase Agreement (PPA) with Yinson
Renewables for Yinson’s 94.6 MW Mt Cass Wind Farm (MCWF) located near Waipara, Canterbury.
Under this agreement, Genesis will purchase 70% of the electricity generated by the wind farm once it
becomes operational.
The MCWF PPA is in addition to the recently announced exclusivity agreement with Yinson Renewables
for New Zealand wind projects.
The wind farm’s construction is scheduled to commence early in 2026, with completion expected in
2028. The wind farm is expected to produce over 300 GWh of new renewable energy each year, enough
to power about 40,000 households. Genesis will not make any equity investment in the wind farm,
although has the opportunity to do so in Yinson’s future wind developments.
The offtake agreement has an agreed starting price for the first 10 years and a market reset for the
subsequent 5 years. Yinson will be responsible for construction, offer and dispatch, and operations. The
wind farm will connect to the MainPower distribution network.

Yinson Renewables is part of a larger Malaysian-headquartered group, Yinson Holdings Berhad, which
has been listed for more than 25 years and has a market cap of approximately NZ$2.5 billion.
Key Metrics:

• To t a l capacity: ~94.6 MW
• Energy production: ~>300 GWh pa
• Homes powered: ~40,000
• Offtake percentage: 70%
• Offtake term: 15 years
• Offtake price reset: 10 years
• Commercial operations: 2028
• PPA effective: 1 July 2028


Capital Management

The Mt Cass PPA is aligned with Genesis’ three approaches to capital management: direct investment
from its own balance sheet; utilising third-party capital with joint ventures; indirectly leveraging third-
party capital via tactical off-take agreements such as PPAs. By optimising across these three capital
management options, Genesis can deploy capital efficiently while maintaining its BBB+ credit rating
and enabling financial flexibility for its strong pipeline of Gen35 investment opportunities.

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Gen35 project pipeline

Project Capacity / Duration Status
Operational 63 MW
Lauriston solar farm 63 MW
DC
Operating
Committed growth capex 236 MW
Huntly BESS stage 1 100 MW / 200 MWh Under construction
Edgecumbe solar farm 136 MW
DC
FID delivered
Progressed growth
opportunities
1

638 MW
Huntly BESS stage 2 100 MW / 200 MWh Consented
Leeston solar farm 67 MW
DC
Consented
Rangiriri solar farm 271 MW
DC
Consented
Foxton solar farm 200 MW
DC
Fast-track consenting
Discretionary growth
opportunities
~550 – 600 MW
Gas storage N/A Under active review
Biomass N/A Under active review
Huntly unit 7 peaker ~50 – 100 MW Under active review
Castle Hill wind farm 300 MW Consented
Early-stage wind prospects ~200 MW Early-stage prospecting
Early-stage hydro
enhancement
N/A Early-stage prospecting
PPA 231 MW
Tauhara geothermal 63 MW Operating
Kaiwaikawe wind farm 73 MW Under construction
Mt Cass wind farm 95 MW Under construction
Joint Equity/PPA ~1,000 MW
Yinson wind pipeline ~1,000 MW Early-stage equity options


Statement from Genesis Chief Operating Officer Tracey Hickman

“Mt Cass is an important step in strengthening Genesis’ renewable generation portfolio and supports
our strategy to increase access to low-emissions electricity. By securing a long-term offtake with Yinson
Renewables, we are enabling new renewable capacity to be built without taking on development or
construction risk, while adding greater certainty and flexibility to our future generation needs. This
agreement further deepens our partnership with Yinson and contributes to the wider decarbonisation
of New Zealand’s energy system.”

ENDS

For investor relations enquiries, please contact:
David Porter
Investor Relations Manager
M: 020 4184 1186

For media enquiries, please contact:
Estelle Sarney
External Communications Manager
M: 027 269 6383




Notes: (1) Genesis is targeting 500 MW of solar opportunities

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About Genesis Energy:

Genesis Energy (NZX: GNE, ASX: GNE) is a diversified New Zealand energy company. Genesis sells
electricity, reticulated natural gas and LPG and is one of New Zealand's largest energy retailers with
over 520,000 customers. The Company generates electricity from a diverse portfolio of thermal and
renewable generation assets located in different parts of the country. Genesis also has a 46% interest
in the Kupe Joint Venture, which owns the Kupe Oil and Gas Field offshore of Taranaki, New Zealand.
Genesis had revenue of NZ$3.7 billion during the 12 months ended 30 June 2025. More information
can be found at www.genesisenergy.co.nz