Lodestone Energy Completes Equity Raise to Build $300m of Grid-Scale Solar
Leading solar energy company, Lodestone Energy, has completed its Series B equity raise from top tier New Zealand investors and entrepreneurs. The raise rounds out a $300 million capital plan and will fund the construction of the company’s first five solar farms, as well as purchasing at least another three sites across Aotearoa.
All equity capital came from leading New Zealand companies and individuals. Investors include Jarden Principal Investments, a Purpose Capital consortium, Guy Haddleton, Rod Drury, Stephen Tindall, Sam Morgan and Fady Mishriki.
Gary Holden, Managing Director of Lodestone Energy, says: “We’re pleased with the investor support and the team we’ve brought together to build Lodestone and deliver these initial projects.
“Our goal is to be the leader in grid-scale solar in New Zealand and these first solar farms are just the beginning. We see many more solar farms and the addition of battery storage as key planks moving Aotearoa towards becoming carbon neutral.
“Construction of the first five solar farms will commence in 2022, with the first energy delivered in the middle of 2023. The construction programme will use New Zealand companies to complete all the onsite works, creating job opportunities for local people.
“Since launching Lodestone Energy, we have managed through COVID, disruptions to the global supply chain and fundamental changes to the capital markets. Our shareholders and banks have been excellent partners in crafting innovative solutions for the changing world.
“Solar can be constructed quicker than any other energy generation technology and we will be announcing our retail partners soon. These like-minded market players will team up with us to provide solar energy to commercial and residential customers by Q2 of next year,” Holden added.
Director in the Jarden Principal Investments team, Will Thomson, says: “Over the past three years, Lodestone Energy’s expert team has advanced the development of its solar generation pipeline at pace. We are very pleased to support them on the journey to build a world-class solar energy producer in New Zealand and are excited by the opportunity to invest in the country’s first mover in utility scale solar generation.”
Lodestone CFO, Chris Jewell, says: “This last six months has been about getting Lodestone Energy’s ducks in a row, including finalising the consents, construction, and transmission contracts necessary to deliver well-priced power directly from the sun.
“From here, things will move quickly and we will be further building out our broader team to deliver on our projects,” says Jewell.