Contact Energy Ltd. said it will invest 300 million New Zealand dollars ($193.5 million) in a new geothermal power station as part of an increased focus on renewable generation.
The company on Monday said that the 51.4 megawatt power plant near Taupo on New Zealand’s North Island should be operating by the last quarter of 2024.
Another geothermal project–the 168MW Tauhara power station–is making good progress and will meet 3.5% of New Zealand’s electricity demand by the end of 2023, the company said.
Contact reported a 3.0% fall in full-year net profit to NZ$182 million due to higher gas and coal prices for its thermal generation.