New Zealand Green Investment Finance Ltd

New Zealand Green Investment Finance Ltd (NZGIF) has been established to accelerate low emissions investment in New Zealand and was incorporated on 12 April 2019. Latest news:29 May 2019  Green Investment Finance preparing to fund emission reductions (NZGIF website).

5 December - $100 million investment fund launched to invest in reducing emissions (Beehive website).

As part of Budget 2018 the Government announced its intention to establish a Green Investment Fund. The establishment of New Zealand Green Investment Finance Ltd is part of the Government’s commitment to address climate change and support New Zealand’s transition towards a net-zero-emissions economy by 2050.  It is part of a suite of policy initiatives including:

·       passing a Zero Carbon Act

·       amending New Zealand’s emissions trading scheme

·       establishing an independent Climate Change Commission

·       continuing New Zealand’s international efforts to ensure the integrity of the Paris Agreement.

NZGIF has been established as a company under schedule four of the Public Finance Act 1989. This means it will operate independently from Government and allow it to work in a market responsive way.

The company will have a high degree of flexibility with respect to where and how it invests, however it is expected that there will be opportunities in industrial process heat, transport, energy efficiency, distributed energy networks and agriculture.

The overall aim of NZGIF is to accelerate low emissions investment in New Zealand by focusing on the following four key objectives:

1.   Make investments that lower domestic emissions

2.   Crowd-in private finance

3.   Make investments on a commercial basis

4.   Undertake a market leadership role. 

Set up by the New Zealand Government with an initial capital fund of NZD$100 million, NZGIF is an independent limited liability company. It is focused on co-investing with others on a commercial basis, in companies, projects and technologies that facilitate or provide lower emissions benefits with potential significant scale.

NZGIF has a long-term investment horizon, a flexible mandate and specialist experts and networks. These attributes allow it to create innovative structures and solutions to facilitate additional capital, which will flow into the growing opportunities represented by a lower emissions economy.

New Zealand Green Investment Finance - at a glance 

Key Appointments

In December 2018, The Minister for Climate Change Hon James Shaw appointed Cecilia Tarrant as Chair, David Woods as Director, and Sir Robert Fenwick as NZGIF Ambassador. In June four new directors were also appointed: Mark Vivian, Jacqueline Robertson, Gavin Fernandez and Kevin Holmes.

 

Cecilia Tarrant – Chair 

Cecilia Tarrant is a professional company director with a background in international banking and finance. Cecilia is currently the Chair of the Government Superannuation Fund Authority, a Director of Seeka and Payments NZ, a Member of The University of Auckland Council and a Trustee of The University of Auckland Foundation.  Cecilia is active in early stage angel investing as the Chair of the ArcAngels Angel Investment Network and as a member of ICE Angels. She was previously a Director of Fletcher Building and the SCA Property Group Trustee NZ Limited. Prior to pursuing a governance career, Cecilia was a Managing Director at Morgan Stanley. She has extensive international experience in capital markets, banking and finance, having worked first as a lawyer in San Francisco and then as an investment banker in New York and London.

David Woods - Director

David Woods has had an international senior banking career in Europe, mainly with ABN AMRO spanning 1998 to 2008.  Most recently, he has been Managing Director of Oikocredit International, a large social finance/impact investing organisation, which promotes agriculture and renewable energy in the developing world. Since settling in New Zealand he has undertaken corporate advisory work for New Zealand and international companies involved in social enterprises, both from management and governance perspectives, and was the first independent chair of the Impact Enterprise Fund New Zealand (a joint venture between Akina Foundation, New Ground Capital and Impact Ventures).  He is currently the Deputy Chair of the National Advisory Board on Impact Investing, a Trustee of the Gift Trust New Zealand and a director of Whai Rawa Ltd (a managed savings plan within Te Runanga Ngai Tahu). 

Mark Vivian – Director

Mark Vivian is a Partner at Movac, an early stage tech investor and venture capital firm where he has worked for the past 10 years in teams that have created investment mandates and deployed funds in accordance with those mandates. Mr Vivian has primary responsibility for fundraising, deal origination, investor relations and talent management. He is currently a Director of Mobi2Go, 1Above, and the Rugby Site, an advisory board member of Frank TKH and TourWriter and a member of the Young Enterprise Trust’s Supporters Council. Mr Vivian has strong skills in direct investment and fund management, start-ups, establishment and governance.

Jacqueline Robertson – Director

Jacqueline Robertson has 25 years of experience in financial audit and advisory services. Jacqueline was an audit and assurance partner at Deloitte for 11 years and also led the Corporate Responsibility and Sustainability services function for Deloitte New Zealand for nine years. Based in Wellington, Jacqueline also has a broad range of experience across the financial services, public, private and non-for-profit sectors. Jacqueline is currently a Director of Stride Property Group, board member of the External Reporting Board, and a member of the Audit Oversight Committee of the Financial Markets Authority and the Risk and Assurance Committee for the Ministry of Business, Innovation and Employment.

Gavin Fernandez – Director

Gavin Fernandez has a background in aircraft avionics engineering with an international senior management career, most recently as General Manager of Swire Sustainable Development for the Swire Group where he led a global initiative for the Swire Group to acquire sustainable energy, fuel and other companies that neutralise CO2emissions. He drove sustainability in his previous roles as Head of Fuel Purchasing for Cathay Pacific Airways and as Vice President at Anchorage Fuel Service Company Ltd. Mr Fernandez is currently a trustee at The Ākina Foundation, and a director of Impact Enterprise Fund. He brings skills in investment, start up, business sustainability and technical analysis of business propositions.

Kevin Holmes – Director

Kevin Holmes is a chartered accountant with an extensive international career in finance and business management. Most recently, he was the inaugural Chief Governance and Strategy Officer at the Clean Energy Finance Corporation, Australia’s government-owned green investment bank. Mr Holmes has serviced on numerous boards, including GreenSync Holdings Pty Ltd, Western Wind Energy, as an executive director at Energy Australia, a director of Roaring 40’s Wind Energy and Pacific Hydro’s international subsidiaries. Mr Holmes also held a range of senior financial management positions, including at British Gas, BHP Petroleum and BHP Transport. He has significant business transformation experience and brings skills in accounting, direct investment, start-ups, decarbonisation strategies, risk management, social impact investment, organisational management, as well as relevant skills in the establishment of a green investment bank. Mr Holmes is a graduate member of the Australian institute of Company Directors.