Meridian Energy agrees to buy hydro, invests in wind and solar

1 February 2018

Meridian Energy Australia has confirmed it has entered into an agreement to purchase three hydro power stations from Trustpower for A$168 million, while signing three Power Purchase Agreements (PPAs) with renewable projects in Victoria and New South Wales to support Powershop’s continued customer growth. The combination of these hydro, wind and solar projects will add 749GWh, taking Meridian’s annual renewable generation to roughly 1,300 GWh in Australia. 

“Meridian is pleased to add hydro, wind and solar generation capacity to our existing wind generation,” commented Meridian Energy Australia and Powershop Australia’s Chief Executive Ed McManus. ”These agreements expand our portfolio of 100% renewable generation allowing us to support our growing customer base and drive further demand for large scale renewable energy in Australia.

“Powershop, Meridian Australia’s retail arm, has been on a strong growth trajectory since its launch in 2014, with customer numbers now more than 100,000. Acquiring the three hydro power stations along with the three PPAs for wind and solar farms in New South Wales and Victoria allows Powershop to continue to cover its growing retail position.”

“Additionally, the opportunity to acquire hydro assets in Australia is extremely rare and having a balanced portfolio of wind, solar and hydro allows us to more effectively manage risk in the market. Meridian will continue to monitor new technology, such as pumped hydro, batteries and thermal solar, so that we can ensure we have a diverse range of technologies and generation,” McManus added.

Meridian Energy Australia said it has entered into a conditional agreement with Trustpower Limited to purchase GSP Energy Pty Ltd, which operates three hydro power stations; Hume, Burrinjuck and the Keepit Power Stations (formally the Green State Power hydro assets), located in New South Wales, Australia. The agreement is for the purchase of 100% of the shares of GSP Energy Pty Ltd.



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