Refining NZ announced that it will proceed to construct a NZD37 million (USD24 million) solar farm after receiving approval to invest from the Refining NZ Board.
The 31-hectare farm in Maranga Ra, will be New Zealand’s largest and will supply 26.7 MW or around 10% of the refinery’s total electricity need.
Maranga Ra will reduce electricity costs by around NZD3-4 million (USD1.9-2.6 million) and reduce CO2 emissions by 18,000 tonnes per year. Construction is expected to get underway before the end of the year and will be completed by December 2020.
Marsden Point is New Zealand’s only oil refinery. It can process 135,000 barrels per day of crude oil, supplying approximately 58% of New Zealand’s gasoline demand, 67% of diesel fuel demand, and 85% of jet fuel demand.
The solar farm will be funded via a combination of non-recourse project debt funding and equity of around NZD10 million (USD6.5 million) from the company.