Westpac New Zealand supports Lodestone Energy for first five solar farms

Westpac New Zealand supports Lodestone Energy for first five solar farms

Westpac New Zealand Limited and Lodestone Energy Limited are proud to announce they have agreed to the conditional terms for a construction facility to support the building of Lodestone’s portfolio of solar farms in New Zealand.

The next phase will see Westpac and Lodestone working together on detailed due diligence and to finalise credit approval for the fully engineered sites. 

Lodestone Energy Managing Director Gary Holden says Westpac NZ will be the sole debt provider but may seek to syndicate the facility as Lodestone adds to the portfolio.

“This is a major leap forward for the development of solar in this country. Westpac brought forward an innovative approach that allows for the progressive implementation of each site and, when completed, will be the start of a geographically diversified portfolio of renewable energy.

“We are pleased to be bringing additional daytime electricity to high-cost locations of the grid, and expect this will provide a great combination of lower cost power and economic activity to these areas.

“Westpac has been great to work with and we look forward to bringing the first site on-line in 2022.”

Westpac Acting General Manager of Institutional and Business Banking Andrew Bashford says the initiative aligns with the bank’s commitment towards sustainability and green financing.

“We’re extremely pleased to be working with Lodestone on this important addition to New Zealand’s electricity infrastructure.  Lodestone’s plans are well thought through and we are excited to support ground-breaking initiatives like this. 

“Lodestone’s vision for large scale solar will help diversify the range of renewable electricity sources in New Zealand, and help lead us towards a more environmentally friendly future.”

Earlier this year, Lodestone announced their plans to complete a $300 million solar portfolio in five Far North, Coromandel and Bay of Plenty locations.