Anza Power Adds 205MW of New Zealand Solar Assets
Anza Power expands its renewable portfolio by acquiring two consented solar plants from Helios Energy, increasing its New Zealand capacity to support I Squared Capital's infrastructure strategy.
Anza Power has finalized the acquisition of the 110MWac Karioi and 95MWac Ongaonga solar photovoltaic plants from Helios Energy. This transaction adds 205MWac of consented, construction-ready capacity to Anza Power’s portfolio, located in New Zealand’s Ruapehu and Hawke’s Bay regions. The move strengthens the company’s position in the local utility-scale solar market without disclosing specific financial terms.
The acquisition extends Anza Power’s existing pipeline, which already includes the Somerton Solar Farm in Canterbury. As a platform backed by I Squared Capital, Anza Power was formed in January 2026 with a US$300 million equity commitment from the ISQ Growth Markets Infrastructure Fund II. The deal follows the initial launch of the entity through the acquisition of Bison Energy’s Australian and New Zealand assets, which provided approximately 1.4GW of solar and 3.4GWh of battery storage.
Helios Energy Exits New Zealand Portfolio
Helios Energy, an Auckland-based developer co-founded in 2022 by Andrew Schlichting and Tim Derrick, has divested these two assets. The company, which received backing from Google executive Urs Hölzle, previously developed a solar pipeline of nearly 1GW across New Zealand. By selling the Karioi and Ongaonga plants, Helios Energy reduces its direct exposure to these specific construction-ready projects while maintaining its broader development history.
Solar Growth Outpaces Coal Generation
The acquisition coincides with a significant shift in New Zealand’s energy mix. According to the Ministry of Business, Innovation and Employment, solar generation increased by 56.2% year-on-year to a record 242GWh in the second quarter of 2026. This growth allowed solar to overtake coal in the national generation mix on a rolling 12-month basis for the first time. Market research from Mordor Intelligence forecasts that installed solar PV capacity will triple from 715MW in 2025 to 1,800MW by 2030.
Major Projects Reach Operational Milestones
Several other large-scale projects have recently entered operation or near completion. Harmony Energy New Zealand and Igneo Infrastructure Partners energized the 202MWp Tauhei plant in July 2026, making it the country’s largest operational solar installation. Its first ten years of output are contracted to Meridian Energy. Meanwhile, Nova Energy and Meridian Energy are developing the 400MW Te Rahui Solar Farm, and Lightsource bp has reached financial close on the 171MWdc Glorit plant.
