SUBSIDIARY NAME
Patumahoe,South Auckland, AgriSolar Power Plant
COUNTRY
New Zealand
SECTOR/ INDUSTRY
ENERGY
OWNERSHIP %
70% IIB-DG
ACQUISITION DATE
August 12, 2022
ACQUISITION VALUATION
100 MILLION
TOTAL ASSET VALUATION
1 BILLION
ENERGY-OIL-REFINERY-GAS
Patumahoe,South Auckland, AgriSolar Power Plant by Green Solar 24 Limited acquired on August 12, 2022.
The project is a 65MW Solar Power Plant with an integrated greenhouse to grow vegetables. This project will be the first of its type in New Zealand and the South Pacific.
The Plant is a sustainable method of growing produce thereby reducing the carbon emissions associated with agriculture. By being able to grow vegetables round the clock, it will help in alleviating the food shortage that the country and the world is currently experiencing.
Technically known as Agrivoltaics, it can be defined as the simultaneous and mutually beneficial use of the same land for agriculture and solar photovoltaic energy.
There will be two streams of income earned from this project. Firstly, through the generation of electricity that will be used for farming and the excess sold to the national grid, and secondly, through the sale of vegetables and crops that will be grown in the greenhouse. The sale will be in local markets initially and with expansion, will be exported abroad too.