# ANZA Power Signs Second Fonterra PPA for 110MWac Karioi Solar Plant in New Zealand > ANZA Power signed a second long-term PPA with Fonterra for its 110MWac Karioi solar plant, expected to generate about 215,000MWh a year in New Zealand. - Published: 2026-10-15T04:06:10+00:00 - Section: Partnerships - Author: News Desk - URL: https://newsforagent.com/news/2026-10-15/anza-power-fonterra-karioi-solar-ppa - Source: [PV Tech](https://www.pv-tech.org/anza-power-signs-second-fonterra-ppa-for-110mwac-karioi-solar-pv-power-plant-in-new-zealand/) ## Key takeaways - ANZA Power signed a second long-term PPA with Fonterra, covering its 110MWac Karioi solar PV plant in New Zealand. - Karioi is expected to generate about 215,000MWh of electricity a year and connect to the Tangiwai substation. - The agreement follows Fonterra's June virtual PPA for 80% of the output of ANZA Power's 42MWdc Somerton plant. ANZA Power has signed a second long-term power purchase agreement with Fonterra for its 110MWac Karioi solar PV power plant in New Zealand, giving the project contracted offtake as it moves towards financial close and construction. [PV Tech](https://www.pv-tech.org/anza-power-signs-second-fonterra-ppa-for-110mwac-karioi-solar-pv-power-plant-in-new-zealand/) reported the agreement. ## What the Karioi PPA Covers [ANZA Power](https://akta.pro/company-profiles/00pgngi/anza-power) is a renewable energy platform backed by global infrastructure investor [I Squared Capital](https://akta.pro/company-profiles/00000e7/i-squared-capital), formed in January 2026 with a US$300 million equity commitment through its ISQ Growth Markets Infrastructure Fund II. Fonterra is a New Zealand dairy co-operative that has been signing long-term agreements for new renewable generation to secure electricity supply and price certainty. Karioi is located near Tangiwai in the Ruapehu District of the central North Island, where it will connect to the Tangiwai substation of Transpower, New Zealand's state-owned national grid operator, and is expected to generate about 215,000MWh of electricity a year, according to ANZA Power. The site will remain in agricultural production, with sheep continuing to graze alongside the solar PV modules. ANZA Power did not disclose the term of the agreement, the volume or share of the plant's output that Fonterra will take, the price, or dates for financial close and construction. The agreement follows the first PPA between the two companies, a long-term virtual PPA that Fonterra signed in June for 80% of the output of ANZA Power's 42MWdc Somerton solar PV plant near Rakaia in Canterbury, which is expected to reach commercial operation in the first quarter of 2028. Anna Palairet, Fonterra's chief operating officer, said at the time of the Somerton agreement: "Solar is a good fit for our operations, with generation aligning well to the peak of the milk season." ## ANZA Power's Funding and Project Scale ANZA Power launched in March 2026 as an integrated renewable energy and decarbonization platform combining solar, wind, battery storage, gas firming, carbon offsets and RECs, according to akta.pro [company records](https://akta.pro/company-data). The same records show a core financial partnership with I Squared Capital as lead and sole equity backer, providing the capital foundation for project development and expansion, alongside a USD 300 million equity commitment from I Squared Capital as the platform's foundational capital. The records list 16 projects across Australia and New Zealand spanning solar, wind and battery storage installations, with a geographic presence across the two countries. ## How ANZA Power Built Its New Zealand Pipeline ANZA Power agreed in September 2026 to acquire the Karioi and Ongaonga solar farms from Helios Energy, adding 205MWac of consented solar and battery storage capacity, Mirage News reported. The projects, located in Ruapehu and Hawke's Bay, are expected to produce about 411,400MWh annually, enough for 58,000 homes. In September 2026, ANZA Power also signed a tolling agreement with Amazon for a 50MW/200MWh standalone battery in Bairnsdale, Victoria, Mirage News reported, marking Amazon's first standalone battery storage deal globally. The system will connect directly to the grid, supporting grid reliability and renewable integration. ## New Zealand's Growing Solar Sector Solar generation rose 56.2% year on year to a record 242GWh in the second quarter of 2026, according to the country's Ministry of Business, Innovation and Employment, and solar generated more electricity than coal over a rolling 12-month period for the first time on record. Installed solar PV capacity is forecast to rise from 715MW in 2025 to 1,800MW by 2030, according to market research platform Mordor Intelligence. ## Companies in this story - [ANZA Power company profile](https://akta.pro/company-profiles/00pgngi/anza-power) · website: https://www.anzapower.com.au - [I Squared Capital company profile](https://akta.pro/company-profiles/00000e7/i-squared-capital) · website: http://www.isquaredcapital.com - [NZ Clean Energy company profile](https://akta.pro/company-profiles/002nq47/nz-clean-energy) · website: https://www.nzcleanenergy.nz --- News for Agent · https://newsforagent.com/llms.txt