A new renewable energy power station near Taupo was inaugurated by New Zealand Prime Minister, John Key. The multimillion dollar project is being seen as a major boost to the use of renewable energy sources in the country. The project is currently among the biggest geothermal projects in the world in the last decade.

The project is a joint venture between Mighty River Power and the Tauhara North No. 2 Trust. The project is worth $430 million and is the result of partnership and co-operation between these Companies during the last 10 years.

Joan Withers, Chairperson of Mighty River Power was very enthusiastic with the start of this project and felt that it will further strengthen New Zealand’s position as a leading developer of renewable energy sources across the world.

The power station will have a capacity of producing 140MW of electricity which will be sufficient for meeting 3% of New Zealand’s electricity requirements.

Environment experts also felt that this is a significant project and will benefit all the people of New Zealand and the country as a whole. The returns generated from this project will also be used for funding health and education programs.

The plant expects to start operations from the year 2013. New Zealand now generates 14% of its electricity by using renewable sources of energy.