Capital raise set to fund development of eight more solar projects nationwide
June 3, 2024
Lodestone Energy, New Zealand’s leading solar generation company, has appointed Forsyth Barr, a New Zealand owned investment firm, and Barrenjoey, an Australian Financial Services firm, to lead its Series D capital raise.
The raise is expected to launch in Q3 this year and will be used to fund Lodestone’s Phase 2 solar programme. This includes the development of eight more solar farms across New Zealand, bringing 470 GWh of new solar to the local market.
Gary Holden, Managing Director of Lodestone Energy, says this marks an important step in Lodestone’s journey to continue delivering large-scale solar to Aotearoa New Zealand.
Lodestone’s Phase 2 programme is set to be larger in scale, with three confirmed South Island farms and additional sites expected to be announced this year. Lodestone will continue to adopt an agri-voltaic design across all its sites, which maximises the production of electricity and maintains productive farming.
“We’re delivering renewable solar energy at pace, with two solar farms in Kaitaia and Edgecumbe already complete, our third farm in Waiotahe set to be generating by the end of the year, and construction planned to commence in Whitianga soon. This capital raise will be integral to the delivery of our Phase 2 projects, helping us drive New Zealand’s renewable energy transition forward, and keep electricity prices in check for customers who purchase electricity from the farms.
“Forsyth Barr and Barrenjoey both bring exceptional knowledge and experience to the table, enabling us to deliver projects which create a greener Aotearoa for generations to come,” says Holden.
This appointment comes after Lodestone successfully completed an equity raise of $55 million earlier this year led by Jarden Principal Investments, funding the pre-construction of its Phase 2 projects. Lodestone has raised $600 million in total capital across its Phase 1 and 2 portfolios.
Kerry Greer, Co-head of Investment Banking at Forsyth Barr says, “We are excited to lead this upcoming capital raise for Lodestone. We are impressed by the platform Gary and his team have built, having established New Zealand’s leading solar platform which is poised to continue the rapid deployment of utility-scale solar farms nationwide.”
“With customers in both the North and South Island, we’re committed to diversifying our production locations nationwide, ensuring we can provide commercial customers with easier access to more affordable renewable energy.
“With support from current and future investors, we’re giving Kiwis an alternative power option which replaces harmful fossil fuels, playing a key role in meeting the country’s zero carbon goals,” adds Holden....
Read the full news release here
