Leading solar energy company, Lodestone Energy confirmed today that the company has reached Financial Close for its Kaitaia Solar Farm. Construction contracts have been issued, work has now commenced and all the required solar equipment has been ordered.

Two additional funding partners joined Lodestone Energy ahead of financial close. The ACC Climate Change Impact Fund is a new equity investor in the Series B equity raise and IFM Investors is a junior debt provider that will help fund the construction of the company’s first five solar farms.

Chris Jewell, Chief Financial Officer of Lodestone Energy, says: “Reaching Financial Close is a significant moment as this validates the very strong funding, construction and retail platform that will enable the development of Lodestone sites, quickly bringing grid-scale solar energy to the market.

“We’re very pleased to bring these two experienced large investors into the Lodestone funding team alongside Westpac as our senior debt provider. Both have been undertaking due diligence for some time on Lodestone Energy, are long-term investors.”

IFM Investors Investment Director Debt Investments, Jing Guo, says: “We are pleased to support Lodestone Energy in the development of New Zealand’s largest solar project. Supporting renewable energy generation is aligned with IFM’s net zero commitments and helps to deliver on our purpose to protect and grow the long-term retirement savings of working people.”

ACC’s James Muir says: “Solar is central to New Zealand’s drive to decarbonise its energy sector including increased electrification of transport and industry. Lodestone Energy has an important role to play in this and more broadly, demonstrates how private companies can be commercially successful through delivering climate solutions.”

Reuben Tucker, Westpac NZ General Manager of Institutional and Business Banking says: “Our team is thrilled for Lodestone Energy that they’re now ready to put shovels in the ground in Kaitaia. Large scale solar has a great amount of potential and will diversify the range of electricity generation in New Zealand. We’re delighted to be collaborating on such a transformative project.”

“We would like to thank our funding partners for the support shown, and we are excited now to start the construction phase at Kaitaia” says Jewell.