NZGIF will supply up to $15m in working capital to Lodestone Energy, to further support the construction of five solar farms in New Zealand.
When completed, Lodestone’s solar farms will generate enough energy to power 50,000 average homes. Lodestone will become the largest independent solar energy generator in the country.
"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," said Jason Patrick, Chief Investment Officer, NZGIF.
"The working capital provision will assist development of Lodestone’s next phase of projects. An element of the facility will be used for a letter of credit to enable the construction of connection assets by Transpower for the Waiotahe solar farm, near Opōtiki in the Bay of Plenty," said Patrick.
Lodestone Energy’s first five farms are across New Zealand’s sun belt, from Northland to the Bay of Plenty.
"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," says Gary Holden, Lodestone’s Managing Director.
Lodestone expects its five solar farms to have a renewable energy capacity of 199 MW.
NZGIF is a green investment bank which was established in 2019 to facilitate and accelerate investment that can help to reduce greenhouse gas emissions in New Zealand. We are a long-term, mission-driven investor, providing innovative, flexible and tailored capital solutions to support decarbonisation initiatives across a broad range of sectors. As a limited liability company independent of government, we make independent investment decisions. NZGIF invests on a commercial basis; we do not offer concessionary finance. We invest in scalable companies, technologies and products that are commercial-ready and offer low carbon benefits for New Zealand.
NZGIF is not a registered bank. For more, see www.nzgif.co.nz
About Lodestone Energy
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.
The company has an expert team with a long history in the electricity market, including developing generation projects in New Zealand, Canada, the United States and Australia, as well as managing integrated generation, transmission, distribution, and retail operations.
Learn more at www.lodestoneenergy.co.nz