A new $100 million natural gas fired electricity plant is set to open in Taranaki in mid-2020.

The plant will be built by Todd Generation, a branch of Todd Corporation, and is expected to bring power to more than 70,000 homes.

Resource consents for the 100 megawatt plant were granted by Taranaki Regional Council in 2013, tenders to build and operate the plant were sought in 2015, and construction will be begin early next year.