Westpac funds Aquila, FNSF for 180 MWp NZ solar

• Westpac NZ backs Aquila Clean Energy APAC and FNSF in groundbreaking solar project financing for 1.4 GW development pipeline in New Zealand.

Aquila Clean Energy APAC and Far North Solar Farm (FNSF) have secured debt financing from Westpac New Zealand for 180 MWp of solar projects in New Zealand. This financing is part of a larger 1.4-GW development pipeline that the two companies are working on. The first project, the 20.8-MWp Pukenui Solar Farm, is expected to be operational in 2025 with Photon Energy Group handling the EPC works and O&M for two years.

The non-recourse debt arrangement with Westpac is the first of its kind for foreign investors in New Zealand's solar sector. Aquila and FNSF plan to develop a total of 1.4 GW of solar capacity across 11 sites in New Zealand, with more projects expected to be announced in the future. CEO John Telfer of FNSF anticipates significant progress in 2024 as they move forward with the development of these key projects.

What makes Aquila Clean Energy APAC and FNSF's solar projects in New Zealand unique?

• The partnership between Aquila Clean Energy APAC and FNSF is the first of its kind for foreign investors in New Zealand's solar sector, showcasing a unique collaboration in the renewable energy industry.
• The 1.4-GW development pipeline that the two companies are working on is one of the largest in New Zealand, highlighting their commitment to significantly increasing solar capacity in the country.
• The Pukenui Solar Farm, the first project in the pipeline, is expected to be operational in 2025 and will be one of the largest solar projects in New Zealand once completed.
• Photon Energy Group's involvement in handling the EPC works and O&M for two years demonstrates a strong partnership between different companies within the renewable energy sector.
• The debt financing secured from Westpac New Zealand for 180 MWp of solar projects is a significant milestone for Aquila Clean Energy APAC and FNSF, providing them with the necessary financial support to move forward with their ambitious development plans.