News

Lending & Credit

Staff Reporter

, New Zealand

Published:

1 month ago

Photo by Derek Sutton on Unsplash

Aquila Clean Energy and Farm North Solar Farm secure financing for 4 New Zealand solar projects

The first project will be completed in 2025.

Aquila Clean Energy (ACE) APAC and Farm North Solar Farm have secured debt financing for their four solar power projects in New Zealand, with the first project with a 20.8-megawatt-peak capacity starting its construction.

In a statement, ACE APAC said the debt financing was secured from Westpac New Zealand Limited. Under its “Sustainable Lending Programme.”

“We are thrilled to achieve this milestone as the first overseas clean energy platform outside of Australia to reach portfolio financial close on a fully merchant and non-recourse basis in Aotearoa New Zealand,” said ACE APAC CEO Alexander Lenz.

ALSO READ: New Zealand pledges $25m to support ADB's Energy Transition Mechanism

“Achieving this is a testament to the quality we will be delivering in the country. Our ambition is to continue to support the country’s 100% renewables target to the benefit of all stakeholders involved, one project at a time,” he added.

The first project, Pukenui Solar Farm, located in the north of Kaitaia, is expected to be completed in 2025, whilst the remaining three projects will be announced later.

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APAC energy transition investments

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