Renewable and energy storage solutions provider Lightsource bp is moving ahead with construction of its 171-megawatt-peak Glorit solar farm in New Zealand after reaching financial close on the project.
The project, located on the Kaipara Coast north of Auckland, has secured NZ$285 million (AU$235 million) in non-recourse project financing. The capital injection is backed by a diverse syndicate of major international lenders, including ANZ, Mizuho, Bank of China, China Construction Bank, and DZ Bank.
Developed through a 50:50 joint venture with Contact, the project marries Contact’s deep integration within the local electricity network with Lightsource bp’s global utility-scale development capabilities.
Off the back of the financial milestone, the two companies have agreed to formally extend their joint venture to target further multi-megawatt opportunities across New Zealand.
Construction on the site is set to commence immediately under a joint venture engineering partnership between INTEC Energy Solutions and COMPLANT.
Adam Pegg, COO for Asia-Pacific at Lightsource bp, said: “Reaching financial close on the Glorit solar farm is another important step forward for our partnership with Contact and for the growth of the solar industry in New Zealand.
“The Glorit solar farm is bringing new renewable generation to market at pace, supporting increased demand while strengthening generation capacity in the upper North Island.
“Connected to a strong point on the national transmission network, the project provides strategic benefits for the evolving electricity system as new renewable supply is brought online.”
Targeted to begin commercial operations in the second half of 2028, the solar farm has also received regulatory consent to co-locate a DC-coupled battery energy storage system (BESS).
This future-proofing measure will allow the facility to store excess generation and dispatch electricity on demand, directly reinforcing grid stability.
The breakthrough follows the joint venture’s previous success with the 168-megawatt Kōwhai Park Solar Farm in Christchurch, which is currently nearing full energisation and is slated to come online later this year.