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Media Release

Wednesday 16 December

New Zealand green investment bank joins global network

New Zealand Green Investment Finance (NZGIF) is pleased to announce it has joined the Green Bank Network, a global membership organisation connecting leaders in clean energy finance, sharing best practices and supporting investment in clean energy solutions.

In a unanimous approval decision, the Green Bank Network members praised NZGIF’s clear mission and mandate and innovative approach to investment evident in its example transactions to date.

NZGIF Chief Executive Craig Weise said, “after more than a year working with Green Bank Network colleagues through our establishment and first investments, we look forward to now sharing knowledge and lessons learned about green investment in New Zealand with our fellow green banks internationally, and to learn from our peers. We are proud to represent New Zealand on a global scale.”

Green banks facilitate public and private investment into domestic low carbon, climate-resilient infrastructure.

The Green Bank Network was formed to foster collaboration and knowledge exchange among existing green banks, enabling them to share best practices and lessons learned. NZGIF joins nine green investment banks from around the world in the network, including Australia, the US, Japan and Malaysia.

In evaluating new members, the Green Bank Network considers how closely prospective organisations align with its criteria, including the following:

• having a mandate and mission that demonstrates high commitment to green investment and crowding in private finance

• a clear governance structure and strong management team

• commitment to investing with commercial rigour

• commitment to measuring and publicly reporting on financial and environmental performance metrics

• having capitalisation in place and transactions completed.

Globally, much of low carbon investment capital is flowing towards large scale renewable energy generation, but with New Zealand’s highly renewable electricity system generating only around 4% of New Zealand’s total emissions, the challenge for NZGIF is to find world-leading and innovative projects in transport, process heat, energy efficiency and agriculture.  And, while it won’t invest in large scale renewable projects, it is seeking out distributed energy projects that will generate a good commercial return.

Rob Youngs, Green Bank Network Director of International Green Bank Development, concluded, “Our network is made up of Green Banks with diverse rationales and goals, including meeting ambitious emissions targets, mobilising private capital, and developing markets. New Zealand joins an illustrious group of green banks around the world, and as we welcome New Zealand Green Investment Finance to the network, we look forward to seeing what they can achieve in supporting New Zealand’s low carbon future”.

Read more about New Zealand Green Investment Finance on the Green Bank Network website here.

ENDS

For more information, contact:

Jenny Lackey | Communications | New Zealand Green Investment Finance

Mobile: 021 340 847

Media Release

Thursday 10 December 2020

New Zealand Green Investment Finance supports the growth of innovative energy and carbon managers ESP

New Zealand Green Investment Finance has invested in innovative energy and carbon management company Energy Solution Providers (ESP) to help grow its business, invest in new technology and attract new clients. 

With a two-decade track record of energy efficiency and management behind them, ESP offers clients energy and carbon management services that utilise cost effective data-driven insights, machine learning and remote monitoring.

NZGIF chief executive Craig Weise says ESP’s services delivers on multiple fronts, reducing customer’s energy costs while saving New Zealand carbon. “Energy and carbon management is well recognised here and overseas as a cost-effective way to reduce emissions, and it can make a company more profitable and productive as they do more with less energy. So, our investment in ESP’s growth is a win-win for New Zealand. We see potential for significant growth for ESP as New Zealand companies recognise that to be successful, to meet the expectations of shareholders and customers, they need to do business with less carbon”.

The equity investment is part of a wider raise for the company and will be used to grow ESP’s customer base, invest in its technology platform and provide further insights and analytics to customers. ESP works across many sectors and with many companies with potential to save money and carbon, including those with commercial, industrial and manufacturing sites using multiple fuels.

The incorporation of innovations such as artificial intelligence and machine learning in ESP’s services for clients means immediately actionable insights through autonomous and remote monitoring, with measurable impact. Depending on the nature of the business and the types of plant used, commercial customers can expect to save between 10-50% on their power bills, savings that go straight to the bottom line.

NZGIF’s capital will contribute to ESP’s ongoing development and marketing of cost-effective software services for companies not able or willing to carry the costs of traditional on-site physical energy auditing and monitoring, meaning more companies managing energy and reducing carbon overall in New Zealand.

Lincoln Watson, ESP’s chief executive, says “We have the experience and industry-leading technology to help companies understand, manage and reduce their energy-related emissions – and their energy costs.  We’re ready to grow into New Zealand’s most successful energy and carbon manager by bringing artificial intelligence together with human intelligence from our highly skilled and qualified team to help New Zealand reach our low carbon future”.

ENDS

For more information, contact:

Jenny Lackey | Communications | New Zealand Green Investment Finance

Mobile: 021 340 847

More about NZGIF

New Zealand Green Investment Finance (NZGIF) is a Crown-owned company established to accelerate investment that reduces greenhouse gas emissions. Set up with initial capital of NZD$100 million, NZGIF is an independent limited liability company.

Find out more at www.nzgif.co.nz.

More about ESP

For over a decade ESP has pioneered big data, machine learning and solutions for traditional energy management programmes. Serving over 150 of New Zealand’s leading businesses across more than 900 sites and all sectors they have saved $42.7 million, 293 GWh and avoided emissions of more than 50,000 tonnes.

Find out more at www.espnz.co.nz.

Climate Bonds Initiative Green Loans Report launched

4 November 2020

New Zealand Green Investment Finance has co-sponsored a Climate Bonds Initiative report detailing the green corporate lending market in New Zealand and Australia.

The report explores what has happened so far, best practice in labelling a green loan, and what should be done to channel loan markets for climate change investment. It also provides commentary on sustainability-linked loans and green consumer loans.

Sustainable finance will play an important role in transitioning economies to a low carbon basis and promoting social, financial and economic resilience for a future in line with climate and environmental objectives.

The report finds that both New Zealand and Australia are endowed with favourable factors to significantly grow a climate/green labelled loan market: 

• Corporate loan and residential mortgage markets are dominant forms of funding, much larger than corporate bond markets;

• Financial markets are highly sophisticated;

• The corporate sector is actively engaged in climate change and transitioning to a net zero emissions economy;

• Developed and diversified green and sustainable finance sectors; and

• Strongly growing ESG agenda among local asset owners, asset managers, and banks.

Read the Green Loans Australia & New Zealand Report on the CBI website.

Media Release

8 October 2020

New Zealand Green Investment Finance invests in Carbn Group to accelerate the adoption of low emissions vehicles

New Zealand Green Investment Finance (NZGIF) has made a $5.8m investment in Carbn Group, the parent company of two distinct subsidiaries that have been formed to support the uptake of low emissions vehicles in corporate and government-owned fleets. 

Carbn Asset Management offers fleet optimisation services, assisting fleet managers to reduce fleet size, optimise vehicle use and transition to low emissions vehicles. 

Sustainable Fleet Finance Limited is a fleet financer specialising in financing low emissions vehicles, with expertise in the economics of electric vehicles. 

While often collaborating, these companies will operate independently to reduce New Zealand’s light vehicle fleet emissions, in line with NZGIF’s purpose and New Zealand’s wider aspiration to reduce vehicle emissions, which is the country’s fastest growing emissions sector.

NZGIF’s Chief Executive Officer Craig Weise says, “we are pleased to be working with Carbn Group on a high priority sector for New Zealand Green Investment Finance and New Zealand as a whole.  With support from companies like Carbn and Sustainable Fleet Finance, companies can feel confident in embarking on their journey to reduce vehicle emissions”.

“From our perspective, it is gratifying to be able to offer a package of innovative equity and debt financing tailored to the needs of this opportunity.  It shows what is possible with NZGIF’s flexible mandate to accelerate emissions reduction investment.  We’re pleased to be able to position these companies for growth that will in turn help New Zealand companies economically decarbonise their fleets”.

Carbn Group Chief Operating Officer David Simpson remarked: “For many companies, vehicle fleets represent low hanging fruit to reduce emissions and cut costs.  Carbn Asset Management will work with organisational fleet and sustainability personnel to develop practical, evidence-based transition plans to low emission vehicles and optimal fleet sizes over time.  Sustainable Fleet Finance will provide flexible fleet financing and operational management solutions to help clients manage their changing needs throughout the transition.”

For more information, contact:

Jenny Lackey | Communications | New Zealand Green Investment Finance

Mobile: 021 340 847

More about NZGIF

New Zealand Green Investment Finance (NZGIF) is a green investment bank established by the Crown to accelerate investment that reduces greenhouse gas emissions. Set up with initial capital of NZD$100 million, NZGIF is an independent limited liability company. Find out more at www.nzgif.co.nz   

More about Carbn Group

In New Zealand, the transport sector accounts for around 19% of GHG emissions.  Transport is New Zealand’s fastest growing emissions sector and emissions have risen by more than 70% since 1990.  However, momentum is building for low emissions transport technology adoption. 

The Carbn Group companies have been established to address knowledge and capability gaps in the market for specialist low emissions vehicle transition, fleet optimisation and financing.   The goal is to accelerate transport emission reductions through the effective and efficient adoption of low emission vehicles.

Carbn’s services reduce the overall cost of a fleet and ensure continuous reduction of fleet carbon emissions by reviewing a company’s vehicle types and usage patterns to assist them to transition to a low emissions fleet.  For example, a strategy could reduce a corporate company’s fleet size or replace dedicated staff vehicles over time with electric vehicles.  This approach ensures that Carbn’s service is a saving for clients rather than an additional cost. 

The mission of SFF is to accelerate New Zealand’s transition to a low carbon future by delivering innovative low emissions fleet financing and operational management solutions to government and corporate fleet owners.

PRESS RELEASE

18 August 2020

New Zealand Green Investment Finance invests in innovative Internet of Things telco Thinxtra to save carbon in businesses and homes

New Zealand Green Investment Finance has announced a strategic equity investment in Thinxtra The IoT Telco, a leading Internet of Things (IoT) network and service provider operating an established network across New Zealand, Australia and Hong Kong.

Thinxtra’s technology supports firms to improve efficiency and asset utilisation, with clear carbon benefits.

"We believe that the Internet of Things provides an innovative and significant opportunity to reduce carbon emissions, and through this investment we are supporting a dynamic market leader to grow their New Zealand presence," New Zealand Green Investment Finance Chief Executive Craig Weise said today.

"NZGIF’s investment will allow Thinxtra to accelerate the deployment of its technology to enable firms to both reduce their emissions and save money".

Thinxtra built, owns and supports the 0G Network, powered by Sigfox technology, which is low-cost, resilient and capable of supporting high volumes of connected devices, using very little energy to run. These devices allow companies to, for example, use less power, travel less and save carbon.

NZGIF’s financial commitment to Thinxtra forms part of the company’s latest funding round, led by Adcock Private Equity alongside other investors.

Bryan Mogridge ONZM, Thinxtra chairman, says, "NZGIF’s investment enables Thinxtra to expand its local presence and help accelerate local business’ ability to achieve efficiencies and carbon savings using IoT. We’re energised by the opportunity to help New Zealand companies embrace more remote business practices and digitalisation, and use less energy, particularly as the local economy looks to recovery efforts in the wake of Covid-19."

Loic Barancourt, CEO of Thinxtra, says, "Headquartered in Auckland, Thinxtra NZ has developed excellent relationships with the New Zealand business community. We’re proud to provide 94 per cent network coverage of New Zealand, and to offer a broad range of solutions locally, including the Predator Free New Zealand 2050 programme. With the backing of NZGIF, we’re looking forward to investing even more in our local presence to accelerate the adoption of IoT solutions in New Zealand."

Since its inception in 2015, Thinxtra has built relationships with a range of partners, creating fit-for-purpose, low-cost solutions that are fast and easy to install and maintain.

Thinxtra works with many New Zealand-based companies to support their initiatives, including: Tetherme, which enables efficient and healthy living, learning and work environments; Blackhawk, which builds software solutions for asset tracking and management; and Kordia, the New Zealand government-owned broadcast and telecommunications company.

"On the global stage, New Zealand has shown leadership by taking progressive action to prepare for a cleaner, more sustainable future. We’re delighted to have NZGIF onboard, bringing capital, extensive experience in the local market and a commitment to reducing emissions for a lower carbon future that matches our own," concludes Barancourt. 

For more information, contact:

Jenny Lackey | Communications | New Zealand Green Investment Finance

Mobile: 021 340 847

Frequently Asked Questions

What is NZGIF?

New Zealand Green Investment Finance (NZGIF) is a green investment bank established by the Crown to accelerate investment that reduces greenhouse gas emissions. Set up with initial capital of NZD$100 million, NZGIF is an independent limited liability company.

What is the Internet of Things?

The ‘Internet of Things’ refers to the interconnectedness of computing devices embedded in everyday objects, enabling them to send, receive and share data. IoT has the potential to significantly change business operations (and day to day life), with industry analysts forecasting the total number of connected devices to grow to 43 billion by 2023 [1].

How does this reduce emissions?

Mainly through energy efficiency and asset optimisation. By providing a low-cost solution for the mass deployment of asset and energy management technologies, we can significantly reduce emissions.

IoT technology involves interconnected devices, which are attached to assets, sending and receiving data about location information or environmental conditions such as temperature. The nature of Thinxtra’s network and technology enables monitoring using sensors. This allows firms to check on equipment without having to send a person in a vehicle to do it manually, saving time, cost and, crucially, the carbon from fuel use.

Using IoT can also assist in making buildings and homes more energy efficient, allowing energy monitoring and better energy performance.

How is Thinxtra’s low power 0G network different from networks such as 3G, 4G and 5G?

Lower power technology supports the longest battery life for simple devices. By utilising a network that requires minimal power, Thinxtra can deploy high volumes of devices highly efficiently because it doesn’t send as much data as the 3,4 and 5G networks. Thinxtra offers fit-for-purpose network choices from 0G to 4G to meet specific customer needs.

Is this investment conditional on Thinxtra proving emissions reductions?

NZGIF is investing in this company because it’s clear that in a range of different applications, this technology fundamentally enables the more efficient use of vehicles, buildings and other assets.

What kind of companies could benefit from Thinxtra’s services?

Thinxtra has identified its priority sectors - they are agriculture, transport, logistics, utilities, cities and buildings. The companies that could benefit most from Thinxtra’s technology options are companies with multiple assets or a high volume of assets to track - they ask the questions "where are you?" and "how do you feel?"

What are the advantages of Thinxtra's network?

Thinxtra has built a public network that is readily available - customers don’t need to build and maintain their own network technology or infrastructure. This means reduced complexity, speed to market, low risk and high service levels and performance. With batteries that last up to eight years, devices on Thinxtra’s 0G network offer longevity and reduced operational costs, making it a cost-effective solution.

One example is the NZ Predator Free Programme. For Predator Control Projects, the primary use case is remote monitoring of pest traps, which means traditional scheduled checks in remote areas can be made much more efficient, as the smart trap itself can trigger a check only as and when a predator has been captured. The same 0G Network can be used to provide better insights into assets in the area, geolocation and safety of people (rangers and volunteers) and the overall health of the environment.

What is a green investment bank?

Around the world, green investment banks have been established to catalyse private investment in domestic low emissions and other environmental projects. Green investment banks are generally initially capitalized by governments but operate independently in the market to mobilise private investment.

What makes NZGIF different to other investors?

NZGIF has a specific focus on accelerating the reduction of emissions that lead to climate change, and to demonstrate to other investors that this can be achieved on a commercial basis.

What industries is NZGIF most interested in?

NZGIF is primarily interested in sectors that have the potential to achieve significant greenhouse gas reductions in the short term such as logistics and transport, building energy efficiency, process heat in manufacturing, and agriculture.

We are focused on facilitating the adoption of proven technologies, and on investments that can scale up.

How does NZGIF decide to invest in a company or project?

NZGIF operates, as any other investment firm would, with robust technical and financial analysis, due diligence and an established investment approvals process.

[1] Growing Opportunities in the Internet of Things, McKinsey & Company

 PRESS RELEASE

18 June 2020

CentrePort’s low carbon regeneration programme a step closer with finance from New Zealand Green Investment Finance

CentrePort has boosted its environmental sustainability by entering into a green credit facility of $15 million provided by New Zealand Green Investment Finance for low carbon projects at the Wellington port.

“This deal marks a significant first step in our investment in New Zealand’s long-term, low carbon economy,” Craig Weise, New Zealand Green Investment Finance Chief Executive, said today.  

“New Zealand Green Investment Finance’s facility provides the finance necessary to accelerate the deployment of low carbon projects, with this capital ensuring these projects remain a priority and are developed alongside the wider regeneration of the port.  We are pleased to have successfully negotiated this transaction with CentrePort, even as we both faced additional challenges introduced by Covid-19”.

New Zealand Green Investment Finance’s lending will be exclusively used to fund low carbon projects which will reduce CentrePort’s overall carbon footprint, such as the introduction of electric vehicles, on-site renewable energy generation and energy efficient upgrades.  Successful investment in electrification, renewables and efficiency will not only assist the port to achieve its climate goals, but also provide an example for other firms, in the port sector and beyond. 

The catalyst for this work is CentrePort’s regeneration plan following the Kaikoura earthquake in 2016. New Zealand Green Investment Finance has taken the lead in providing the finance to ensure the long-term regeneration of the port has a low carbon outcome. 

“The investment in electric vehicles is part of CentrePort’s regeneration programme, which will deliver a 21st century logistics asset to benefit the economy, the city, the community and the region”, said Derek Nind, CentrePort Chief Executive.  “This investment also has strong business drivers for us, delivering a more efficient supply chain system with lower running costs, as well as lower emissions”.

Greater Wellington Chair Daran Ponter said he fully supports CentrePort’s investment, which is an essential component in reducing the region’s carbon footprint.

“Emissions from vehicles have risen by 14  per cent in the Wellington region in the last decade, so the move to decarbonize transport is central to meeting our goal of carbon neutrality by 2030 across all of Greater Wellington’s operations. This is a very welcome initiative by CentrePort, and there is much more to come in areas such as our corporate and public transport fleets.”

Today’s announcement from New Zealand Green Investment Finance is the first in a series of investments planned for 2020.

Contact:  Jenny Lackey, NZGIF, 021 340 847

Read more

• NZGIF Chief Executive Craig Weise talked to BusinessDesk about the investment partnership with CentrePort and our green investment pipeline. Read the article or view online at businessdesk.co.nz

• Read NZGIF Chief Executive Craig Weise’s speech given at the media announcement

More about New Zealand Green Investment Finance

New Zealand Green Investment Finance is a green investment bank established by the Crown to accelerate investment that reduces greenhouse gas emissions in New Zealand.  

With a broad and flexible mandate, NZGIF will invest via a range of capital structures, from debt to equity, with the ability to mitigate risks for our partners.  

We seek to combine our $100 million in capital with other investors on a commercial basis, in companies, projects and technologies to accelerate emissions reductions.

www.nzgif.co.nz  

More about CentrePort

CentrePort Limited is a transport and property infrastructure firm, built around its core port business on Wellington Harbour. With a staff of over 200 and working with a range of partners CPL provides supply chain solutions and expertise including the CentreRail Service with KiwiRail, and a network of inland cargo hubs. CentrePort facilitates international and coastal shipping, the inter-island Cook Strait ferry services, and land and aviation fuel supplies. 

CentrePort is committed to environmental sustainability and this is a key element of the regeneration plan for the port.

https://www.centreport.co.nz/

Frequently Asked Questions

What is NZGIF?

New Zealand Green Investment Finance (NZGIF) is a green investment bank established by the Crown to accelerate investment that reduces carbon emissions. Set up with initial capital of NZD$100 million, NZGIF is an independent limited liability company. 

What is this investment?

CentrePort Limited is a transport and property infrastructure firm, built around its core port business on Wellington Harbour. NZGIF has provided a facility which will specifically be used to finance low-emissions initiatives at the port.  These low carbon initiatives sit within the port’s wider regeneration programme and the repair of damage sustained in the 2016 Kaikoura earthquake.

What does the investment deliver?

CentrePort’s low carbon initiatives for the port are in varying project stages and include the purchase of electric vehicles and associated infrastructure, on-site renewable electricity generation and/or energy efficiency upgrades.

What is a green investment bank?

Green investment banks are generally initially capitalized by governments but operate independently in the market, often to mobilize private investment.  

What makes NZGIF different to other investors?

NZGIF has a specific focus on making investments that accelerate the reduction of emissions that lead to climate change, and to demonstrate to other investors that these investments can be achieved on a commercial basis.  

What industries are NZGIF most interested in?

NZGIF is primarily interested in sectors that have the potential to achieve significant greenhouse gas reductions in New Zealand such as transport, building energy efficiency, process heat in manufacturing, and agriculture. 

We aim to facilitate the adoption of proven technologies, and on investments that can scale up.

Sir Rob Fenwick remembered as passionate ambassador for green finance 

13 March 2020 

It was with great sadness that the team at New Zealand Green Investment Finance heard the news that Sir Rob Fenwick had passed away on 11 March, after his self-described “dance with cancer”. 

Chair Cecilia Tarrant said today, “Sir Rob was a passionate supporter and leader and we are grateful for his contribution as our global Ambassador.  It was a great honour for all of us to have worked alongside Sir Rob.  His commitment to sustainability and the environment and his willingness to open doors for us and to contribute in any way he could never faltered”. 

CEO Craig Weise remembers Sir Rob as a true leader and guardian of the future, able to combine his considerable business acumen with his passion for the environment.  Reflecting on Sir Rob’s words in a recent article in the Listener,  he said “Sir Rob took on the mantle of protecting the environment, akin to the way he described a pōhutukawa shading kiwis on a summer beach.  

“In his writing, Sir Rob was concerned that while we appreciate the pōhutukawa, the value of its shade is forgotten once we leave the beach.  His hope was that we can change and not forget.  And that is certainly true with respect to the legacy he leaves behind”. 

Background:  Sir Robert Fenwick, KNZM, noted businessman and environmentalist, was announced as the Ambassador of New Zealand Green Investment Finance Limited by the Prime Minister Rt Hon Jacinda Ardern and Hon James Shaw, Minister of Climate Change upon its establishment and remained in that role until he resigned shortly before his death.

Contact:  Jenny Lackey, NZGIF, 021 340 847

12 December 2019

New Zealand Green Investment Finance enters investment market 

New Zealand has signalled its ambition to accelerate investment in reducing carbon emissions with its capitalisation of its green investment bank, New Zealand Green Investment Finance, its CEO Craig Weise said from COP 25 in Madrid this week.

From an event hosted by the Inter-American Development Bank, the Coalition for Green Capital, the Natural Resources Defense Council and Rocky Mountain Institute, Mr Weise described the design elements that will enable New Zealand Green Investment Finance to succeed:  

“We were carefully designed to have the right components to do the job.  With NZ$100 million, we have both the mandate and the flexibility to use our balance sheet to mobilise private capital and structure deals that deliver green outcomes.  We are currently working with investors in the market who want to deliver green impact for themselves and their clients; they can bring private capital while we can help structure green products that suit our mandate and theirs.

“New Zealand is unique in some ways, for example with our small domestic capital market, but the fundamentals of global green bank design are still relevant, such as independence, flexibility and a long-term view”. 

Mr Weise said that recent work has been to build a team with the expertise and credentials to work with private capital markets in NZ.  With the team now in place, New Zealand Green Investment Finance is exploring a number of opportunities for investment and expects to make announcements early in 2020. “I can’t say when we’ll make our first investments, but I can say I am excited to see the range of opportunities open to us from the capital market side and in the sectors we want to work in, especially transport and energy.  Investment in agriculture will take a little longer but remains one of our focus areas”. 

Andi Colnes, international director of the Coalition for Green Capital, underscores the design elements of New Zealand Green Investment Finance.  “New Zealand has taken the effort to design a green bank in a way that can best attract and deploy private capital.  The focus of NZGIF on small disaggregated markets and on sustainable agriculture are enormously important - particularly across emerging markets and developing countries.” 

Contact:  Jenny Lackey, +64 21 340 847 

Download a PDF copy of this press release here.

Craig Weise, CEO, New Zealand Green Investment Finance

Craig is the Chief Executive for New Zealand Green Investment Finance, a new green investment bank.  

He has over 25 years’ experience in private capital markets, both in the US and NZ, grounded in finance, law, and investment banking.

At the New Zealand Treasury, Craig led teams focused on investment stewardship and performance monitoring across the New Zealand government’s investment portfolio, representing over NZ$100b in assets.  Before his time at Treasury he was Managing Director, Investment Banking, at Armillary Private Capital.

Craig holds an Honours Degree in Economics from Randolph-Macon College and a Juris Doctorate from the University of Virginia.  He is also a Chartered Alternative Investment Analyst, Certified Investment Fund Director and Member of the New Zealand Institute of Directors.

About New Zealand Green Investment Finance Ltd – Frequently Asked Questions

What is NZGIF?

New Zealand Green Investment Finance (NZGIF) is a green investment bank established by the Crown to accelerate investment that reduces greenhouse gas emissions.

What is a green investment bank?

Around the world, green investment banks have been established to catalyse private investment in domestic low emissions and other environmental projects.  Green investment banks are generally initially capitalized by governments but operate independently in the market to mobilise private investment.  

How will it work?

Set up with initial capital of NZD$100 million, NZGIF is an independent limited liability company. 
We will work with other investors to stimulate private investment.
We will co-invest in companies and projects that accelerate emissions reductions. 

What is NZGIF trying to achieve?

NZGIF has four objectives.  We invest to accelerate emissions reductions.  Our investment will make a commercial return.  Our aim is to work with private investors, to mobilise private capital.  Finally, we aim to demonstrate market leadership in green investment.

What makes NZGIF different to other investors?

NZGIF has a flexible mandate to structure investments in a way that enables it to consider investments that others can’t.

NZGIF has a specific focus on accelerating the reduction of emissions that lead to climate change, and to demonstrate to other investors that this can be achieved on a commercial basis.  

NZGIF has built a team with expertise and experience in green investment and which has strong ties with the growing international green investment community.

What industries is NZGIF most interested in?

NZGIF is primarily interested in sectors that have the potential to achieve significant greenhouse gas reductions in the short term such as transport, building energy efficiency, process heat in manufacturing, and agriculture.  

We are aimed at facilitating the adoption of proven, mature technologies, and on investments that can scale up.

How can I find out more?

Please visit the NZGIF website at www.nzgif.co.nz for more information.

Media enquiries to jenny.lackey@nzgif.co.nz or 021 340 847.

23 September 2019

NZ Green Investment Finance seeking investment opportunities 

New Zealand Green Investment Finance (NZGIF) is now up and running and seeking projects for commercial investment, following the recruitment of a leadership team and completion of its formal establishment.

Since appointing its Chief Executive, Craig Weise earlier this year, NZGIF has recruited its leadership team and initiated discussions in the market with investment project sponsors and potential investors.  

“As a Crown-sponsored green investment bank, we are a new participant in the New Zealand financial community and we are keen to accelerate investments into a lower emissions economy,” Mr Weise says.

NZGIF has four clear objectives: to reduce emissions that cause climate change, partner with other investors, invest on a commercial basis and provide market leadership in the green investment sector.

Three key management positions have been filled to lead the pursuit of investments – Chief Investment Officer, Chief Operating Officer and Head of Government Relations and Communications.   

Executive appointments completed

Investment manager Jason Patrick has been appointed as Chief Investment Officer. Mr Patrick has held senior green investment roles for nearly 20 years in the United States, including positions at BioCarbon Group, established by Macquarie, and Bank of America Merrill Lynch.

Mr Weise says recruiting Jason Patrick to NZGIF will help build additional momentum.

“We’re excited about Jason joining us. It’s fantastic to find someone with his history and exposure to green investment. Jason brings significant experience, passion and global perspective to our organisation.”

Former PWC Director and Treasury’s lead advisor on the Social Impact Bonds pilot programme,Ed Montague has been appointed as Chief Operating Officer. Ed has worked in both commercial investment and social investing in New Zealand and the United Kingdom and is an experienced financial analyst and investment operations manager.

The third appointment is Jenny Lackey who takes up the role of Head of Government Relations and Communications. Jenny has held a number of strategic and operational roles at the Energy Efficiency and Conservation Authority, most recently as the Group Manager Strategy and Performance.   

Mr Weise said the recruitment of these three managers, plus additional appointments to the investment team, meant NZGIF was now able to intensify its level of engagement with businesses and co-investors seeking investment into new projects or facilities that lead to greenhouse gas reductions.

“We have a specific interest in transport, building and system energy efficiency, process heat in manufacturing, and agriculture. We are engaged with a wide range of potential investees that have projects that could lead to significant emissions reductions in New Zealand,” he says.

Mr Weise says the difference between NZGIF and more traditional sources of debt or capital funding was NZGIF’s focus on emissions reduction and ability to deploy capital across a wide variety of investment structures to achieve that objective.

“We will be able to create bespoke financing products for a wide range of investments in conjunction with co-investors,” he says. 

With the new executive in place, NZGIF intends to seek out opportunities for investment.  However, investors or businesses interested in discussing scalable projects that will accelerate the reduction of greenhouse gases with the NZGIF investment team should contact us at info@nzgif.co.nz. 

NZGIF Executive Biographies

Chief Executive Officer 

Craig Weise has over 25 years of experience in private capital markets, both in the US and NZ, grounded in financial services, law, and investment banking.

He most recently held multi-faceted executive roles for the Treasury, managing teams focused on investment stewardship, commercial and investment performance monitoring, and shareholder representation across the New Zealand government’s direct investment and managed portfolios, representing over NZD$100 billion in assets.  Immediately prior to his time at Treasury, Craig was a principal at Armillary Private Capital, ultimately active as its Managing Director, Investment Banking.

Craig holds an Honours Degree in Economics from Randolph-Macon College, Virginia, and a Juris Doctorate from the University of Virginia.  He is also a Chartered Alternative Investment Analyst, a Certified Investment Fund Director and a member of the New Zealand Institute of Directors.

Chief Investment Officer

Jason Patrick joins NZGIF from his role as Managing Director of Real Options International, a boutique advisory firm in energy and low-carbon market strategy, investment, risk management and fund management. Prior to that, he was Managing Director of the BioCarbon Group, established by Macquarie, and a Vice President at Bank of America Merrill Lynch leading investment and marketing of environmental and renewable power commodity products. 

Mr Patrick was also a Vice President at Evolution Markets and a programme officer at the Environmental Defense Fund. He has an MA Economics from New York University, a MEM from Yale University and a Bachelor of Science from the University of California, Berkeley.

Chief Operating Officer

Ed Montague has worked over the past two decades as a management consultant, hedge fund operations manager, equities analyst, and government advisor. 

He was previously the Deputy Lead and General Manager of Commissioning at the Social Investment Agency (SIA).  Before helping establish the SIA, Ed was a Principal Advisor at the New Zealand Treasury where he led the Social Impact Bonds pilot programme. Prior to joining the Treasury, Ed was a Director at PwC NZ, focusing on public sector performance improvement projects.  Ed began his investment career as an equity analyst and operations manager at a London-based hedge fund, IBIS Capital Partners LLP.  

Ed studied Politics, Philosophy and Economics (PPE) at Oxford University. 

Head of Government Relations and Communications

Jenny Lackey was most recently the Group Manager Strategy and Performance at the Energy Efficiency and Conservation Authority. Her roles with EECA included strategic planning, government relations, communications, and regulatory affairs. 

Jenny holds a Bachelor of Laws and a Bachelor of Arts (Hons) from Victoria University, was a founding member of the Young Energy Professionals’ Network NZ and is an alumnus of the World Energy Council’s Future Energy Leaders’ programme.

Issued on behalf of New Zealand Green Investment Finance by:

Jenny Lackey
Head of Communications and Government Relations
Jenny.lackey@nzgif.co.nz
021 340 847

About New Zealand Green Investment Finance Ltd – Frequently Asked Questions

What is NZGIF?

New Zealand Green Investment Finance (NZGIF) is a green investment bank established by the Crown to accelerate investment in projects that reduce greenhouse gas emissions in New Zealand.

What is a green investment bank?

Around the world, green investment banks have been established specifically to facilitate and mobilise private investment in domestic low emissions and other environmental projects.  Green investment banks are generally initially capitalized by governments but operate independently in the market to attract and mobilise private investment.  

How will it work?

Set up with initial capital of NZD$100 million, NZGIF is an independent limited liability company. It will co-invest with other investors on a commercial basis, in companies, projects and technologies that accelerate emissions reductions. 

What is the NZGIF trying to achieve?

NZGIF has multiple objectives.  It aims investment at projects, partnerships and technologies that accelerate emissions reductions.  It will invest on a commercial basis and partner with other investors.  Finally, it aims to demonstrate market leadership in green investment.

What makes the NZGIF different to other investors?

NZGIF has a flexible mandate which allows it to structure investments in a way that enables it to consider investments that others can’t.

It also has a dedicated focus on reducing emissions that lead to climate change, and to demonstrate to other investors that this can be achieved on a commercial basis.  

NZGIF has built a team with expertise and experience in green investment and which has strong ties with the growing international green investment community.

Which industries is NZGIF most interested in?

NZGIF is primarily interested in sectors that have the potential to achieve significant greenhouse gas reductions in the shorter term such as transport, building and system energy efficiency, process heat in manufacturing, and agriculture.  

How will NZGIF decide to invest in a company or project?

NZGIF operates, as any other investment firm would, under typically robust analysis, policies and due diligence requirements for investment.  The added consideration for NZGIF is the impact our projects can deliver for New Zealand.

Is there a maximum or minimum amount for each investment?

There are no hard boundaries at this stage, but we are primarily looking at projects at scale or scalable that can achieve substantial emissions reductions. The focus at this stage will be on investments that can deploy NZD$5 – 25 million of its capital over the life of the project.

How can I find out more?

Please visit the NZGIF website at www.nzgif.co.nzfor more information.
Media enquiries to jenny.lackey@nzgif.co.nzor 021 340 847.

29 May 2019

Green Investment Finance preparing to fund emission reductions 

New Zealand Green Investment Finance Ltd (NZGIF) is poised to invest in large-scale emission reduction activities, enablers and technologies to support the Government’s target to reduce greenhouse gases.

The Crown-owned investment vehicle, announced in December 2018, was incorporated on 12 April.  It has now completed its transition out of Treasury into a stand-alone company as it works towards its formal launch in July. 

Established by the Government with initial investment capital of $100 million, NZGIF has a mandate to invest in business opportunities that accelerate domestic greenhouse gas emissions reductions, as well as provide a commercial return on the investment. In line with the longer-term nature of transitioning to a greener economy and the reduction targets proposed in the Climate Change Response Amendment Bill, NZGIF will take a long-term view on investments that deliver impact.  

A key role of NZGIF will be to act as a catalyst for investment. It will seek to partner with industry, investment houses and other sources of private finance to enable the development of large-scale projects in areas such as transport, industrial process heat, the built environment and agriculture.

In June, the establishment board of Chair Cecilia Tarrant and Director David Woods will be joined by four new directors: Mark Vivian, Jacqueline Robertson, Gavin Fernandez, and Kevin Holmes.

A senior leadership team is being recruited by the inaugural Chief Executive Officer, Craig Weise. Mr Weise previously held the role of Establishment Director for NZGIF at Treasury, and has more than 25 years’ experience in private capital markets, in New Zealand and the United States, in the areas of financial services, law and investment banking.

Mr Weise said NZGIF has commenced a work programme to build the organisation and advance its investment strategy, with immediate plans to engage with a range of organisations that have potential investment opportunities.

“Green investment is a wide, nascent and exciting space, but within that space our mandate is clear: to accelerate investment in lower GHG emissions activity.  As a green investment bank, we will do that by working with co-investors and commercial parties to create innovative structures and solutions that facilitate additional access into this growing economic opportunity.

“In so doing, we will pursue the four objectives that support our mandate,” Mr Weise said. “We want to reduce emissions that impact climate change, partner with other funders, invest on a commercial basis and provide market leadership in this sector.”

Continued… 

Board of Directors:

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. She has an extensive background in capital markets, banking and finance.

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, and. 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 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 served 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.

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 not-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.

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 Vivianhas strong skills in direct investment and fund management, start-ups, establishment and governance.

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 and was the previous Chair of Impact Enterprise Fund. 

Chief Executive Officer: 

Craig Weise most recently held a number of multi-faceted executive roles for the Treasury, managing teams focused on investment stewardship, commercial and investment performance monitoring, and shareholder representation across the New Zealand government’s direct investment and managed portfolios, representing over $100b in assets.

Immediately prior to his time at Treasury, Craig was a principal at Armillary Private Capital, ultimately active as its Managing Director, Investment Banking.

Craig holds an Honours Degree in Economics from Randolph-Macon College and a Juris Doctorate from the University of Virginia.  He is also a Chartered Alternative Investment Analyst, a Certified Investment Fund Director and a member of the New Zealand Institute of Directors.

Issued on behalf of New Zealand Green Investment Finance by:

Richard Gordon
027 656 3001
Wright Communications

richard@wrightcommunications.co.nz