New Zealand’s leading solar energy provider, Lodestone Energy, has successfully secured an additional $50 million in capital, supplementing the $50 million development fund it raised in 2024.
This new funding will allow Lodestone to continue expanding its portfolio of utility-scale solar farms and sustain its growth in delivering renewable energy solutions to customers.
“This raise means we can continue to add to our fleet of solar farms and serve more customers who see significant value in Lodestone’s unique solar-backed contracting model,” Gary Holden, managing director of Lodestone, said.
The majority of the capital raise was contributed by existing shareholders, with participation from some new investors as well.
“This kind of support from our existing shareholders is fantastic news, as it means they continue to see value in the Lodestone vision and the long-term role we can play in the market.”
Lodestone Energy is set to announce the commencement of construction on its first South Island project. This follows earlier announcements of over 10 solar farm sites, including a 220 MW project at Haldon Station in the Mackenzie District, which is expected to begin construction by mid-2025.
Managing director Holden explained that although there was international interest in large-scale investment, Lodestone chose to move forward with domestic funding after receiving backing from New Zealand investors.
The company is continuously developing solar sites to meet increasing customer demand for more affordable electricity.
Meanwhile, government and regulatory bodies are urging faster deployment of renewable energy to address rising demand and replace costly gas and imported coal.
“With our fourth farm coming online in Whitianga, we are running at pace to satisfy the number of large electricity users who need a low-cost, stable supply. There is little doubt the industry-wide push for utility-scale solar and battery storage will ultimately reduce the cost of electricity for everyone. Customers willing to act now and lead the way with long-term supply deals are realising significant cost savings in the currently volatile New Zealand electricity market and will continue to reap the benefits into the future,” Holden stated.