ANZ supports Lodestone Energy with $250 million for next wave of solar developments
Lodestone Energy has commenced the next phase of its capital raising programme via a $250 million debt facility from ANZ Bank New Zealand Limited.
Both parties have agreed to terms on a conditional debt facility to support the construction of new solar farms across Aotearoa, beyond the five that Lodestone has already announced.
The next phase will see ANZ and Lodestone working together on detailed due diligence to finalise credit approval for the fully engineered sites.
Gary Holden, Managing Director of Lodestone, said the partnership builds on the company’s existing banking relationships, is an important milestone and cements Lodestone’s position as the national leader in solar energy generation.
“We’re already well underway with our first programme of work, with construction in progress at Kaitaia and Edgecumbe, as well as early work on sites in Waiotahe, Whitianga and Dargaville,” says Mr Holden.
“Our partnership with ANZ will allow us to continue our growth trajectory as we commit to further solar developments. This supports our mission of bringing next generation renewable energy across the country, at a scale New Zealand hasn’t seen before.”
Karl Nicholson, ANZ’s Head of Resource, Energy and Infrastructure commented “ANZ is very pleased to be supporting Lodestone on the next phase of its solar development. This transaction demonstrates ANZ’s commitment to decarbonising the economy and supporting the development of renewable energy. Lodestone is a great example of a company that is leading the way to transition New Zealand to a low emissions future.”
In 2021, Lodestone announced its first solar farm portfolio in five Far North, Coromandel and Bay of Plenty locations. Beyond this, Lodestone continues to scope further locations for farms.
“Our team has forged a path of ongoing progress on our first five farms, and this momentum allows us to make the most of this partnership with ANZ,” continues Mr Holden.
“This deal accelerates progress towards achieving New Zealand’s renewable energy goals and demonstrates both companies’ commitment to helping the country meet its net zero emissions objectives.”
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