The chairperson of Green Investment Fund Cecilia Tarrant, has announced her resignation effective December 20, 2024. This decision comes amid increasing scrutiny following the collapse of SolarZero, a company in which the fund is said to have invested over $100 million of taxpayer money.
Last Thursday, Tarrant was summoned for a meeting with Finance Minister Nicola Willis and Climate Change Minister Simon Watts to address the escalating concerns regarding the fund’s investment.
Tarrant then clarified that the fund had not “invested in SolarZero, the company.”
She explained that it had lent money specifically for solar panels and batteries rather than making a direct investment in SolarZero itself.
In her talk with Nine to Noon, Tarrant said the fund became aware of potential issues at SolarZero in early November. However, she noted that it was only two weeks later that SolarZero announced its liquidation, leaving them with insufficient time to explore alternative options.
“We required time and information to assess those proposals and make the right decision with taxpayer money.”
In her resignation statement, Tarrant expressed her respect for the government’s desire for new leadership while reflecting on her six-year tenure with pride.
“I am immensely proud of the progress achieved in more than 30 transactions, showcasing the market potential of low-emissions investments across diverse sectors,” Tarrant said.
“I leave the role with confidence in the foundation we’ve built and wish the organisation every success in driving New Zealand’s critical journey toward decarbonisation.”