Meridian Energy to invest up to $510 million in Waitaki Power Station
Wednesday 30 September 2026 · 2 outlets · 2 reports · updated In this story Meridian Energy
Meridian Energy plans to spend between $440 million and $510 million upgrading the 92-year-old Waitaki Power Station over the next decade. The project aims to improve seismic resilience and increase generation capacity from 105MW to 120MW. Completion of the works is scheduled for 2036.
Key facts
5 facts
- Upgrade cost: $440 million to $510 million
- Capacity increase: 105MW to 120MW
- Completion target: 2036
- Location: Waitaki Power Station
- Contractors: Voith Hydro and Gentec Solutions
The full story
1 min read · 2 outlets
Meridian Energy will invest between $440 million and $510 million to upgrade the 92-year-old Waitaki Power Station over the next decade. The project aims to increase the station's capacity from 105MW to 120MW, which could power an additional 7,000 homes. The upgrade is scheduled for completion by 2036.
The work involves replacing all seven turbines, generators, and systems, as well as 21 headgates and associated equipment. International specialist Voith Hydro has been contracted for the turbines and generators, while Gentec Solutions will manage the headgates and engineering works. A 12-month period for design and preliminary work will begin immediately following the signing of contracts on Tuesday.
To maintain electricity production, the station will continue to operate during the upgrade by taking one unit out at a time for restoration. Meridian aims for at least 50% local employment once the project is underway.
The investment will be categorised as 15% growth capital expenditure and 85% repowering capital expenditure. This new repowering classification is intended to protect Meridian's dividend projections by spreading the costs over the asset's estimated 50-year useful life.
Where reports differ
- One report provides specific financial guidance for the 2027 financial year and details regarding the accounting treatment of the investment, whereas the other does not
Compiled from reports by The Press and NZ Herald.