ANZA Power signs second long-term Power Purchase Agreement with Fonterra for 80% of Karioi Solar Farm output in New Zealand
ANZA Power
14 October 2026, Auckland - ANZA Power (“ANZA”), the Australia and New Zealand energy developer and operator backed by global infrastructure investor I Squared Capital, today announced the signing of a second long-term virtual Power Purchase Agreement (PPA) with Fonterra for 80% of the generation output from its Karioi Solar Farm.
The agreement with Fonterra represents a significant milestone for the project and builds on the PPA signed with Fonterra for Somerton in June 2026, providing a strong foundation of contracted offtake to support its progression to financial close and construction.
A partnership grounded in New Zealand's energy transition
The Karioi Solar Farm will deliver 110 MWac of solar generation capacity and will connect directly to the national grid at Transpower's Tangiwai substation. Once operational, the project is expected to generate approximately 215,000 MWh of renewable electricity annually.
Carlo Frigerio, CEO, ANZA Power: "Signing a second offtake with Fonterra, only a few months after Somerton, is a strong endorsement of our partnership. It brings construction one step closer at Karioi, a consented, construction-ready project in the central North Island. We are excited by the opportunities in the New Zealand market and are proud that Karioi will support Fonterra, a long-standing co-operative that is a positive force for economic growth in New Zealand’s regions, including the Ruapehu District where Karioi is located."
Anna Palairet, Chief Operating Officer, Fonterra: “Our second agreement with ANZA Power builds on the partnership we started at Somerton and supports the growth of new renewable energy in the North Island, helping strengthen security of supply for the electricity sector. At the same time, it further increases the Co-operative’s access to renewable electricity and gives us long-term price certainty, helping ensure our operations are set up for the future.”
Karioi Solar Farm is located near Tangiwai in the Ruapehu District. The site will remain in agricultural production through ongoing sheep grazing. Fonterra's commitment to enter into a second long-term PPA with ANZA Power and contract 80% of the project's output reflects the co-operative's ongoing efforts to manage its electricity cost and to improve security of electricity supply by supporting the development of new renewable generation in New Zealand.
Karioi is one of two North Island solar farms ANZA Power recently announced it is acquiring from Helios Energy, and follows the Somerton Solar Farm in Canterbury, where ANZA signed its first offtake agreement with Fonterra in June 2026. ANZA is a fast-growing energy transition platform across New Zealand and Australia, backed by a US$300 million equity commitment from global infrastructure investor I Squared Capital, a leading global infrastructure investment manager with over US$60 billion in assets under management.
ANZA Power acknowledges and thanks Ngā Waihua o Paerangi Trust (Ngāti Rangi) and Te Korowai o Wainuiārua Trust for their continued partnership on the Karioi Solar Farm. Both iwi have worked closely with Helios Energy through the development and consenting of the project, sharing cultural guidance and supporting key approvals. ANZA Power is committed to building on these relationships as Karioi moves into construction and operation, and to creating lasting benefits for the Ruapehu region.
The ANZA Power portfolio currently includes a mix of solar, battery and hybrid renewable energy projects across different sites in Australia and New Zealand, totalling over 1.5 GW of solar PV and 3.5 GWh of battery energy storage.
Key Project Information
|
Detail |
Description |
|
Project |
Karioi Solar Farm |
|
Developer |
ANZA Power |
|
Location |
Near Tangiwai, Ruapehu District, New Zealand |
|
Solar Farm size (MWac) |
110 MW |
|
Energy Generated per annum |
215,000 MWh |
|
Expected Commercial Operations |
Q4 2028 |
About us:
About ANZA Power
ANZA Power is a renewable energy developer, owner and operator delivering integrated energy solutions across Australia and New Zealand. Established in January 2026, the company develops, builds and operates a growing portfolio of renewable generation, natural gas and battery energy storage assets, providing reliable, flexible and lower-carbon power solutions that support businesses, communities and the broader energy transition. Backed by I Squared Capital, one of the world's leading independent infrastructure investors, ANZA Power combines deep local development expertise with long-term capital and global operational capabilities. Its portfolio comprises more than 1GW of solar and battery energy storage capacity, with a substantial and growing development pipeline. Learn more at www.anzapower.com.
About Fonterra
Fonterra is a New Zealand dairy co-operative owned and supplied by thousands of farming families. As a global B2B dairy provider, Fonterra goes to market through its global Ingredients brand NZMP and global Foodservice brand Anchor Food Professionals. Fonterra provide high-quality products, valued for their dairy innovation and science expertise and New Zealand provenance, to customers in more than 100 countries around the world.
Contact details:
ANZA Power
Via David Imber Advisory
Phone +61 413 274 204
Fonterra
Phone: +64 21 507 072