Forsyth Barr and Barrenjoey to lead Lodestone Energy’s next capital raise

Solar generation company Lodestone Energy has appointed New Zealand investment firm Forsyth Barr and Australian financial services company Barrenjoey to lead its Series D capital raise.

The raise is expected to launch in Q3 this year and will be used to fund Lodestone’s Phase 2 solar programme which includes the development of eight more solar farms across New Zealand to produce 470GWh.

It marks an important step in Lodestone’s journey to continue delivering large-scale solar to New Zealand, says Lodestone Energy managing director Gary Holden.

Lodestone’s Phase 2 programme is set to be larger in scale, with three confirmed South Island farms and additional sites expected to be announced this year.

Lodestone will continue to adopt an agri-voltaic design across all its sites, which maximises the production of electricity and maintains productive farming, it says.

“We’re delivering renewable solar energy at pace, with two solar farms in Kaitaia and Edgecumbe already complete, our third farm in Waiotahe set to be generating by the end of the year, and construction planned to commence in Whitianga soon,” says Holden.

“This capital raise will be integral to the delivery of our Phase 2 projects, helping us drive New Zealand’s renewable energy transition forward, and keep electricity prices in check for customers who purchase electricity from the farms.”

The appointments come after Lodestone successfully completed an equity raise of $55 million earlier this year led by Jarden Principal Investments, funding the pre-construction of its Phase 2 projects.

Lodestone says it has raised $600 million in total capital across its Phase 1 and 2 portfolios.

“We are impressed by the platform Gary and his team have built, having established New Zealand’s leading solar platform which is poised to continue the rapid deployment of utility-scale solar farms nationwide,” says Forsyth Barr investment banking co-head Kerry Greer.