NZGIF has established an $8 million senior debt facility to fund the operation of solar panels on schools across New Zealand. It will do this by setting up a facility to provide financing for the installation of solar arrays (including operating costs) using power purchase agreements (PPAs). NZGIF is also holding $10 million in reserve for future extensions to the finance facility as demand grows. The new energy initiative, called solarZero Schools, will enable Kiwi schools to convert sunshine into solar energy to power their school and contribute to an increase in New Zealand’s renewable electricity generation capacity.