The New Zealand government has set an ambitious target of reaching 100% renewable electricity by 2035, and have further developed the New Zealand Government’s Energy Strategy, forecast to be finalised by the end of 2024.
To achieve this target, New Zealand has seen significant funding across private and public spheres in the billions of dollars flowing into renewable energy market, however a lack of local manufacturing capability presents opportunities for US manufacturers and service providers.
One major private investment example is that made by American multinational investment firm BlackRock.
In August 2023 it was announced that Black Rock had dedicated NZ$2B (US$1.2B) to a climate infrastructure fund focused on reaching 100% renewable electricity in New Zealand. The fund will create new investment opportunity in target sectors, such as wind, solar, batteries, natural capital projects and green hydrogen.
The investment comes after Blackrock’s initial commitment of NZ$100M (US$59.4M) in solarZero, a New Zealand solar energy provider.
Blackrock sees large scale infrastructure and battery storage being a critical component towards complete clean energy transition, citing proposed large-scale renewable energy projects of 80 GWh, 150 MW and 400MWsolar farms as recent examples projects either in development, or in the planning stages.
Completed large-scale renewable energy projects include 222MW and 133 MW wind farms, along with a 174MW geothermal steam turbine power station expected to be operational late 2023. These projects come off an expanded fast-track consenting government process targeted at wind and solar farms.
The renewable energy industry in New Zealand is becoming increasingly competitive, with a growing number of domestic companies looking to take advantage of the government’s support and incentives. Government programs include the NZ$400 million (~US$237m) Green Investment Fund, and the NZ$27 million (~US$16m) National New Energy Development Centre. More information available here.
Companies with experience and expertise in supplying the renewables sector incl. geothermal, wind, solar and battery, are encouraged to reach out to Foley in Sydney Australia, for an initial discussion about the opportunities for their products in the New Zealand market.
Are you interested in exploring new business opportunities? If you would like to know more about this offering, please reach out to:
Mirna Sarihodzic | Principal Consultant | E:mirna@foley.com.au
