German investment manager Aquila Capital and New Zealand-based renewable energy developer Far North Solar Farm (FNSF) are preparing to launch initial project construction in New Zealand, forming a 1-GWp solar portfolio.

Under the alliance formed last year, the two companies are looking to develop multiple projects on the country's North and South Island. The FNSF said on Thursday that both companies had invested "substantial" capital and resources to select and evaluate suitable project sites and to obtain licenses for a handful of projects. The plans are already in place in advance and construction is expected to begin this year.

Aquila and FNSF estimate that when installed, the solar portfolio will be able to generate electricity, covering about 4% of the country's annual energy needs. FSNF director John Telfer told Radio New Zealand the total investment would exceed A$1 billion ($688.3 million/€661.6 million), with the entire capacity planned to increase over the next two years. (AUD 1.0 = USD 1.453 / EUR 1.512)

Source: Research and Search Photovoltaic Intelligence Analysis