By: Isabelle Elizondo On: December 21, 2023 In: Comments: 0

NZGIF has led a NZ$170 million (US$ 105.8 million) capital raise to launch a newly created NZGIF Solar Finance program. NZGIF attracted NZ$90 million (US$ 50 million) of private capital from First Sentier Investors and Natixis Investment Managers, alongside its own investment of NZ$80 million (US$ 49.8 million), for the solar loan program. In addition to raising capital, the program also achieved a Climate Bonds Initiative certification– the first for a New Zealand-based financial institution. The program will function as a repeatable financing solution for solar finance: NZGIF will work with developers across Aotearoa, New Zealand to finance and grow their portfolio. Once the portfolio is complete, NZGIF Solar Finance will filter and organize loans by eligibility criteria, wrap the loan in a credit enhanced financing structure, secure Climate Bonds Initiative certification, and then place the portfolio with institutional investors to provide attractively priced long-term debt to fund the portfolio. The deal won a FinanceAsia award for Best Sustainable Finance Deal 2023 (Australasia).

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