New Zealand National Electricity Generator Buys a US Solar Power Plant

Meridian Energy Ltd., New Zealand’s national energy company, covering about 30% of nation’s total energy requirements, reported about the purchase of a solar power plant in the US, and will be using it to develop New Zealand’s potential, as well as to influence and be aware of the changes in the renewable energy market in the States. According to the company’s officials, the plant cost Meridian Energy Ltd. about $5.4 and it includes a 5 MW capacity plant in California, that’s going to be commissioned into new ownership by the end of this year. Meridian Energy Ltd. has made a deal with San Francisco- based company Pacific Gas & Electricity Co., and, according to the contract, all the energy generated by this Californian plant will be purchased by Meridian’s new partner. Currently Meridian Energy Ltd. is starting to explore the possibilities of opening solar power utilities on some of the Pacific Islands, where diesel power plants are still prevailing. Company’s officials say this purchase will help them gain useful experience necessary for the expansion on Pacific islands and Australia, as well as on the territory of the New Zealand. Another important benefit the company received from buying American solar power plant is a grip in the US market, allowing it to explore new investment opportunities there. Being a national electricity company Meridian owns also wind and hydro power facilities, capable to provide electricity to approximately 200 thousand customers all over New Zealand.