NZGIF's working capital facility for Lodestone Energy is further supporting the construction of solar farms in New Zealand.
In July 2023, NZGIF provided a $15 million working capital facility for Lodestone Energy, one of the country’s leading grid-scale solar developers.
The funding will be used to support the development of five solar farms across the upper North Island with the potential to power 50,000 Kiwi homes. These solar farms are located close to major electricity demand centres.
Lodestone is set to become the largest independent solar energy generator in the country.
The working capital provision will assist development of Lodestone’s next phase of projects. An element of the working capital facility will be used for a letter of credit to enable the construction of connection assets by Transpower for the Waiotahe solar farm, near Ōpōtiki in the Bay of Plenty.
"New Zealand is facing increasing demand for clean, renewable electricity as the economy continues to grow and we take steps to replace fossil fuel use. NZGIF and Lodestone have developed a flexible finance structure which will support deployment for Lodestone." - Jason Patrick, Chief Investment Officer, NZGIF.
Lodestone Energy’s first five farms are across New Zealand’s sun belt, from Northland to the Bay of Plenty. Lodestone expects its five solar farms to have a renewable energy capacity of 199 MW.
Lodestone Energy Limited is proudly 100% New Zealand owned and operated. Founded to help the national effort to decarbonise New Zealand’s energy sector, Lodestone Energy aims to contribute to the country’s electricity generation with meaningful solar production.
"We are delighted to agree this facility with NZGIF. NZGIF plays a really important role enabling companies like Lodestone to accelerate New Zealand’s transition to renewable electricity." - Gary Holden, Lodestone’s Managing Director.
Benefits
Increasing renewable electricity capacity |
The five solar farms are projected to have a renewable energy capacity of 199 MW and generate enough energy to power 50,000 homes. |
Emissions reductions |
Lodestone's portfolio of renewable generation is estimated to avoid in excess of 600,000 tonnes of CO2-e emissions over the 25 year useful life of the assets. |
Supports energy resilience |
NZGIF's working capital facility supports energy resilience throughout the North Island. |