News 04 Feb 2026

Kapuni Project achieves financial close, strengthening Todd’s position in renewable energy

We’re proud to announce that financial close has been reached for the Kapuni Project – a collaborative partnership between Hiringa Energy, Ballance Agri-Nutrients, Todd, Parininihi ki Waitōtara (PKW), and the Ministry of Business, Innovation and Employment.

Financial close has been reached for the Kapuni Project, a collaborative partnership between Hiringa Energy, Ballance Agri-Nutrients, Todd, Parininihi ki Waitōtara (PKW), and the Ministry of Business, Innovation and Employment. Together, the partners are investing in regional development in South Taranaki while accelerating the transition to low-emissions energy.

Located in Kapuni, the project will harness the region’s strong wind resource through the installation of four 6.4 MW turbines, delivering a total capacity of 25.6 MW and generating approximately 100 GWh of renewable electricity each year – enough to power approximately 24,000 homes. This renewable energy will supply the Ballance Kapuni plant and its site operations, with surplus generation exported to the national grid via an offtake to Nova Energy to support wider system decarbonisation.

The Kapuni Project will also deliver the Taranaki region’s first and New Zealand’s largest green hydrogen production capacity, supplying up to two tonnes of green hydrogen per day through a 5 MW electrolyser integrated with the wind farm and Ballance Kapuni plant. This flexible, scalable green hydrogen output will support the decarbonisation of transport and industrial sectors, strengthen regional renewable energy capability, and is a central, long-term value driver for the project.

Hiringa Energy, the development and operating partner for the project, is set to begin preliminary construction this month, with first power expected in 2027. The project will create local jobs during construction, commissioning, and ongoing operations, supporting skills development and contributing to a stronger, more resilient regional economy.

Todd is proud to work alongside Iwi and Hapū to ensure the project delivers local benefits and outcomes, such as environmental monitoring, employment pathways, and access to affordable renewable energy.

Todd CEO Evan Davies highlighted the role that wind and green hydrogen can play in New Zealand’s future energy mix.

“Todd recognises wind and green hydrogen as important emerging opportunities for New Zealand’s energy future, with the potential to support decarbonisation across transport and industry.

“Partnerships like the Kapuni Project represent what will be required in the future to deliver new technologies and business models that contribute to regional development and the energy transition, enabling a better future for New Zealand,” said Davies.

Nova Energy CEO Rob Foster said ongoing engagement with local communities and partners has been constructive, emphasising the project’s potential contribution to regional development and the wider energy system.

“This partnership demonstrates how collaboration can support innovation and new renewable energy options. We’re committed to progressing the project in a way that delivers benefits for South Taranaki and contributes to New Zealand’s low-emissions future,” said Foster.