Lightyears secures $174m from Japan and Australia for 300MW of NZ solar and batteries

New Zealand solar developer Lightyears has secured NZ$174 million from Japanese and Australian backers to fund more than 300MW of utility-scale solar and battery projects over the next five years.

The funding is made up of $74 million in planned investment from Obayashi Corporation, a Japanese construction group listed on the Tokyo Stock Exchange, and a $100 million lending facility from Australian infrastructure lender Infradebt.

Under a strategic partnership, Obayashi will take a 90% stake in a new company, LYOC1, which will hold solar projects. It will invest in stages as each project reaches development milestones, funding Lightyears’ next generation sites around the country. Alongside its construction business, Obayashi develops renewable energy projects in Japan and overseas, and has named Japan and New Zealand as priority markets for its green energy business.

Infradebt first partnered with Lightyears in 2025, in its first New Zealand transaction. The new facility builds on that relationship.

“Obayashi and Infradebt are ideal partners to support the next phase of growth for the Lightyears energy platform,” says Matt Shanks, managing director and co-founder of Lightyears. “We see these partnerships as recognition of the track record we’ve established with our team, our partners and the projects we’ve built. This funding lets us add new generation in the regions that need it.”

“This capital gives us a clear runway to deliver power projects up and down the country, and that level of capital injection allows us to take on more projects concurrently. That is more locally generated renewable electricity and stronger energy resilience for Kiwi communities and the businesses that need it. We’ve also created ways for a wide range of partners to take part, such as our co-investment with Māori investment groups and large energy users.”

Infradebt co-founder and investment director Chin-Lee Yu says the company has structured debt for Lightyears’ projects and partners, from global infrastructure investors to Māori investment groups.

“New Zealand is a market we like, and we intend to be here for the long term, continuing to grow our relationship with Lightyears while deepening our presence on both the lending and investor side,” he says.

Projects under way

Lightyears was founded by Matt Shanks and Sean Tobin, who delivered New Zealand’s first utility-scale solar farm in 2023.

In Reefton, a 14MW solar farm is nearing completion. Near Kuratau in the central North Island, the company is building the 15MW Te Aho o te Rā Solar Farm in a joint venture with eight local Māori land trusts, incorporations and related investment entities. It is expected to generate about 23.5GWh a year, enough for about 3300 homes, and is due for completion in July 2027.

Near Ashburton, Lightyears is breaking ground on a new 6MW site connected to the local Electricity Ashburton network.

Earlier this year, Sunergise bought solar developer Infratec from WEL Networks, and New Zealand’s solar generation hit record highs.