Offshore Renewable Energy Bill

Taranaki Offshore Partnership welcomes introduction of Offshore Renewable Energy Bill to unlock offshore wind potential.

Taranaki Offshore Partnership, the offshore wind joint venture between Copenhagen Infrastructure Partners and the NZ Super Fund, welcomes the introduction of the Offshore Renewable Energy Bill to Parliament, as an important milestone in progressing the development of offshore wind in New Zealand.

The Legislation to establish a permitting regime for offshore renewable energy projects is a significant step towards giving New Zealand households and businesses access to a world-class fuel source: the country’s offshore wind. Taranaki Offshore Partnership director Giacomo Caleffi says the introduction of the Offshore Renewable Energy Bill to Parliament is an important element in the Government’s plan to double the supply of affordable, clean energy and enable New Zealand to become a low emissions economy.

“Offshore wind is one of the fastest-growing renewable energy technologies globally, because it enables renewable energy generation at scale. This is critical to address the current shortfall of electricity generation and to meet long-term demand growth from the decarbonisation of the economy and development of new industries,” says Mr Caleffi.

Taranaki Offshore Partnership’s proposed offshore wind farm in the South Taranaki Bight would produce up to 1GW of electricity, comparable to some of the largest hydroelectric power plants in the country.

The development of offshore wind at scale in the upper North Island (where the first offshore wind farms are proposed) would help mitigate energy security risks for the areas of greatest demand such as Auckland, which currently rely heavily on South Island-based hydro and the integrity of the HVDC cables across Cook Strait.

“As well as enhancing the overall resilience of New Zealand’s electricity system, our studies show that there will be regional economic benefits, including a significant number of new direct and indirect jobs as well as supply chain opportunities,” says Mr Caleffi.

Taranaki Offshore Partnership is continuing its feasibility investigations in New Zealand, in parallel with the ongoing development of the regulatory framework.

“The introduction of the Offshore Renewable Energy Bill is a first signal of confidence for investors and key to meeting our target of commissioning our proposed offshore wind farm in South Taranaki by the mid-2030s, subject to feasibility.

“We look forward to reviewing the Bill in detail and preparing a submission to the Select Committee,” says Mr Caleffi.