Lightsource bp seals loan for airport solar project in New Zealand

Lightsource bp has secured NZD 267 million (USD 160.8m/EUR 146.3m) in financing to support a solar project its New Zealand joint venture (JV) is developing in Christchurch.

Lenders Westpack New Zealand, China Construction Bank and Italy’s Intesa Sanpaolo - IMI Corporate & Investment Banking are jointly underwriting the debt package, which has been structured as a green financing loan, Lightsource bp said on Thursday.

The UK-based solar energy promoter will use the loan to invest in the construction of the 168-MWdc Kowhai Park solar farm at Christchurch Airport. It is a project that Lightsource bp has been working on alongside New Zealand utility Contact Energy Limited (NZE:CEN), its JV partner since April 2022.

In February 2023, Christchurch Airport selected the JV to develop the Kowhai Park solar project behind the airport’s runways.

The solar farm will be the first phase of the Airport’s renewable energy precinct called Kowhai Park. With around 300,000 solar panels installed, it will be one of New Zealand’s largest solar farms, generating over 275 GWh annually, according to Lightsource bp.

Engineering, procurement, and construction contract has been awarded to CHINTEC. Ventia will deliver all network connection infrastructure.

Lightsource bp and Contact will break ground in late 2024. The Kowhai Park solar farm is expected to start commercial operation in 2026.

Kowhai Park is the first project for the solar-focused JV in New Zealand. Further projects include a 175-MWdc solar farm in Glorit on the Kaipara Coast northwest of Auckland, and a 160-MWdc solar farm in Taranaki, adjacent to Contact’s Stratford power station, Lightsource bp added.

(NZD 1.0 = USD 0.602/EUR 0.548)

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