Taranaki Offshore Partnership signs MoU with Genesis Energy

Taranaki Offshore Partnership (TOP) has signed a memorandum of understanding (MoU) with NZX-listed energy company Genesis Energy to investigate the commercial viability of offshore wind in New Zealand and explore potential joint ventures and offtake arrangements.

TOP is a joint venture between Danish renewable energy investor Copenhagen Infrastructure Partners and the New Zealand Superannuation Fund.

TOP Business Development Manager Giacomo Caleffi said the MoU was a first step towards a possible long-term commercial relationship.

"Genesis is interested in exploring new options for renewable generation and understands how the New Zealand electricity market works: we are interested in exploring the potential for offtake agreements with energy retailers and other large energy users," Mr Caleffi said.

Genesis Chief Operating Officer Tracey Hickman said she is looking forward to working with TOP to assess how offshore wind could contribute to New Zealand’s future energy mix. “This partnership aligns with our focus on developing new renewable generation options and supporting the country’s transition to a low-carbon energy future. With our long-standing involvement in the Kupe Joint Venture, which is located close to TOP’s proposed offshore wind site, and our capability to firm renewable supply and enter long-term offtake agreements, there is a strong strategic fit.”

Mr Caleffi said the MoU was not the first collaboration between TOP and Genesis Energy.

“One of the windspeed monitors we are using in our initial feasibility assessments of the South Taranaki Bight is mounted on the Kupe gas platform, which is partly owned by Genesis. The data it is supplying will complement our own Floating LiDAR data to confirm the exceptional quality and consistency of the wind that puts South Taranaki amongst the best sites we have encountered globally.”