Government-backed New Zealand Green Investment Finance (NZGIF) is to provide a $NZ78 million debt facility to fund grid connection infrastructure and other development work for five solar farm projects.
The projects are part of a New Zealand-wide development portfolio held by Far North Solar Farm.
When fully developed, the five sites would generate around 1132MWp, enough energy to power around 178,000 homes for a year.
NZGIF chief executive Sarah Minhinnick said: “The agreement reflects NZGIF’s mandate to accelerate investment that decarbonates the country’s economy. The connection facility agreement is a tailored solution, designed by NZGIF, to introduce a new pool of capital to accelerate renewable energy generation in New Zealand. We look forward to seeing more private capital driven towards these solar developments.”
Far North Solar Farm has already accessed the financing, formally agreed on 27 August, signing a $NZ22 million works agreement contract with Transpower for the grid connection project. Transpower expects this project, which includes a new substation, will be the first of many across New Zealand as the country shifts to renewable energy.
Image: New Zealand Green Investment Finance wants to attract private capital to solar farm projects.