NZGIF invests $15m in Lodestone Energy for five solar farms

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.