Kapuni: Hiringa and Ballance reach financial close on a wind–green hydrogen project

The Kapuni project in the Taranaki region, developed by Hiringa Energy together with Ballance Agri-Nutrients, reached financial close on 6 February 2026. The investment combines a wind farm with a capacity of 25.6 MW (four turbines of 6.4 MW each, about 100 GWh per year) with a 5 MW electrolyser, which is to produce up to two tonnes of green hydrogen per day. First production of energy and hydrogen is planned for 2027.

Partners and financing

Besides Hiringa Energy (development and operation) and Ballance Agri-Nutrients, the project involves Todd, Parininihi ki Waitōtara, and the government, represented by the Ministry of Business, Innovation and Employment (MBIE), which had earlier awarded public funds. Non-recourse debt financing is provided by Westpac NZ. Hydrogen Insight (in its headline) notes that the decision came more than five years after the government support was awarded, which illustrates the pace of delivery of large hydrogen projects.

Schedule and uses

According to Hydrogen Central, preliminary construction work began in February 2026, and the project is to produce renewable energy and green hydrogen from 2027; hydrogen production is to be scalable to demand. Hiringa is the development partner and operator of the project. Hydrogen for heavy transport complements stations such as Wiri in Auckland, which the company opened in 2024.

Power balance (own calculation)

Four turbines with a combined capacity of 25.6 MW and production of about 100 GWh per year mean a capacity factor of the order of 45%. A 5 MW electrolyser running without a break would consume at most about 44 GWh per year, so a significant part of the turbines' energy (about 56 GWh per year) cannot be used by the electrolyser – it must go to other customers, to own use or be curtailed – this is a conclusion from the stated parameters, not information from the announcement.

Scale compared with foreign projects

A 5 MW electrolyser is demonstration scale, not comparable with the gigawatt projects in Australia (e.g. Murchison with a capacity of 1.5 GW). Kapuni is, however, the largest green hydrogen project in New Zealand, which reflects the limited domestic market.

What this means for Poland

Polish nitrogen plants are also considering green hydrogen as a feedstock. Kapuni is an example of how a small market and a strong industrial partner (Ballance) can bring a project to delivery, but also of how long the road from public support to financial close takes. For biogas plants this means competition for the same public funds and regulator attention.