Aquila Clean Energy APAC, in collaboration with partner Far North Solar Farm (FNSF), has finalized debt financing for 180 megawatts peak (MWp) of solar projects in New Zealand, marking the initial portfolio of a larger 1.4-gigawatt (GW) development pipeline.
The non-recourse debt facility will be provided by Westpac New Zealand, the local unit of German investment manager Aquila Capital, as announced on Wednesday.
The financing will facilitate the construction of four photovoltaic (PV) projects, with the first being the 20.8MWp Pukenui Solar Farm situated north of Kaitaia, in the Far North District of New Zealand. Scheduled to commence operations in 2025, the project's engineering, procurement, and construction (EPC) works will be undertaken by Photon Energy Group. Additionally, the Dutch company will oversee the operations and maintenance (O&M) of the PV park for an initial period of two years.
While the names of the remaining three projects benefiting from the Westpac funding will be disclosed at a later stage, Aquila highlighted that this debt arrangement represents the first non-recourse solar portfolio financing in New Zealand by foreign investors.
Aquila and FNSF, having joined forces in 2021, are poised to develop 1.4GW of solar capacity across 11 sites in New Zealand. John Telfer, CEO of FNSF, expressed optimism about the progress, stating, “[…] we expect 2024 to be a big year as we advance many of these key projects through the various consenting processes.”
