Chapman Tripp experts advised solar energy services company solarZero on a $10m investment from New Zealand Green Investment Finance (NZGIF), using an innovative mezzanine debt facility – demonstrating public and private sector investment into New Zealand green initiatives.
NZGIF’s investment complements an existing financing facility from Westpac New Zealand to accelerate the uptake and deployment of solarZero’s innovative ‘solar as a service’ model, giving customers access to solar energy without the upfront costs.
Chapman Tripp finance partner Luke Ford said:
Investment by NZGIF and involvement of Westpac NZ’s securitisation and sustainable finance teams keeps funding and support in line with solarZero’s purpose. We are proud to assist the team with this transaction, which in turn, extend the benefits of renewable energy beyond individual households.
Matt Ward, Chief Financial Officer at solarZero commented, “Our solarZero technology platform continues to evolve to meet the needs of the power system through distributed energy resources. The NZGIF mezzanine facility will assist our business with further platform development and innovation, so we can continue to contribute to a smarter, cleaner electricity system for New Zealand. This transaction was expertly managed by Luke and the Chapman Tripp team, working seamlessly with our partners at NZGIF and Westpac NZ and their respective advisors.”
The firm’s team of experts, including finance team lead Cathryn Barber and solicitors Tom van Schaik and Stine-Lise Budge, assisted the solarZero team to negotiate and document NZGIF’s mezzanine debt facility, sitting alongside Westpac NZ’s existing senior funding.
NZGIF, the Crown-owned green investment bank was established to accelerate investment to help enable New Zealand’s low carbon future. The transaction is NZGIF’s fifth investment.