Aquila, FNSF nab Westpac debt for 180 MWp of solar in New Zealand

Aquila Clean Energy APAC and its partner Far North Solar Farm (FNSF) have secured debt financing for 180 MWp of solar projects in New Zealand, the initial portfolio of a 1.4-GW development pipeline.

The non-recourse debt will be extended by Westpac New Zealand, the unit of German investment manager Aquila Capital said on Wednesday.

The financing will back the construction of four photovoltaic (PV) projects, the first one of which will be the 20.8-MWp Pukenui Solar Farm north of Kaitaia, in the Far North District of New Zealand. The plant should go live in 2025, with Photon Energy Group handling the engineering, procurement and construction (EPC) works. The Dutch company will also oversee the PV park’s operations and maintenance (O&M) for two years.

The names of the other three projects that will benefit from the Westpac funding will be announced at a later stage, Aquila said. According to its statement, the debt arrangement is the first non-recourse solar portfolio financing in New Zealand by foreign investors.

Aquila and FNSF, which joined forces in 2021, will develop 1.4 GW of solar across 11 sites in New Zealand. “[..] we expect 2024 to be a big year as we advance many of these key projects through the various consenting processes,” said John Telfer, CEO of FNSF.

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