We are pleased to share that Lodestone Energy is generating power at its Kaitāia solar farm – marking a major milestone for utility-scale solar in New Zealand.
Purpose Capital led a $10M syndicated investment into Lodestone Energy’s series B raise last year. Their Kaitāia solar farm is the country’s largest solar installation to date, and the first solar farm in New Zealand to bid into the electricity market.
Since construction on Lodestone’s Kaitāia farm ramped up in early 2023, the project has employed more than 125 installers and technicians, many of them local to Kaitāia, and involved more than 22 equipment suppliers and service providers.
The farm is expected to generate 55 GWh of power annually for residential and commercial energy consumers, including The Warehouse Group.
“This project ushers in a new era for energy in New Zealand. Kaitāia is the first solar farm at this scale and is a key step in helping New Zealand deliver on its climate goals. It is also crucially important to our customers who have contracted with us to meet their own sustainable energy objectives.”
Gary Holden, Managing Director of Lodestone Energy
The Kaitāia site is the first of Lodestone’s “phase one” solar farms to begin generating power. The other phase one sites are in Edgecumbe, Waiotahe, Whitianga and Dargaville. It is expected that the Edgecumbe site will be commissioned early in 2024 and the Waiotahe site in late 2024.
Purpose Capital are Impact Investors who drive positive environmental and social change in the Waikato, Bay of Plenty and greater New Zealand. New Zealand’s largest private impact investment fund, Purpose Capital is founded on the principle that we can effect change through well-run commercial investments that deliver impact as well as financial return.
Through demonstrating the effectiveness of our approach, Purpose Capital aims to increase impact investments from asset and fund managers as well as private and philanthropic wealth. By leading investment opportunities, we provide confidence to other investors to invest alongside us in impactful companies and projects.