Green Investments – NZGIF backs Sunergise with $10m lending facility

The solar company Sunergise has received a significant boost, via a $10m lending facility from New Zealand Green Investment Finance, to increase its rollout of solar PV generation assets for commercial properties across New Zealand.

Sunergise has installed solar systems on 80 commercial sites already, with 50 of these being structured using power purchase agreements (meaning no upfront costs to the user).

This $10m lending facility will allow approximately 40 new installations (with 5000 kWp in generation capacity) to occur on commercial properties, with a focus on Auckland, Tauranga, New Plymouth and Wellington in 2024-25.

Sunergise began operations with the introduction of the world’s largest solar installation for a marina at Port Denarau in Fiji.

“Sunergise is thrilled to work with NZGIF, as we share a common goal of accelerating New Zealand’s transition to a low-carbon future. NZGIF’s flexible financing is particularly beneficial to the unique needs of solar power developers like us, enhancing our efforts to drive the adoption of clean energy at scale across the country. Our collaboration with NZGIF represents a significant milestone in our mission to support New Zealand’s decarbonisation efforts” said Paul Makumbe, CEO Sunergise.

“The commercial building sector in New Zealand has a significant untapped potential to reap the rewards of solar energy. With large rooftop spaces on warehouses, factories, and office buildings, businesses can harness the sun’s power to generate clean electricity and lower their energy costs. By embracing solar technology, the commercial sector can not only improve its own sustainability but also contribute to New Zealand’s overall transition to a low-carbon economy and further build on its established international brand strengths” Paul added.

“New Zealand businesses are ideally positioned to play a bigger part in the uptake of solar PV. Unlike households, a significant portion of their energy consumption occurs during daylight hours, perfectly aligning with the peak energy production of solar panels. By harnessing the power of the sun when it is at its highest, the commercial sector can contribute to a more sustainable future for the entire country” Paul added.

“NZGIF has proven experience as a partner for businesses looking to finance their decarbonisation initiatives – we can offer financing solutions that other lenders may find challenging” said NZGIF Chief Investment Officer, Jason Patrick.

“We are pleased to offer a financing solution that is enabling Sunergise to accelerate growth and roll-out solar to more commercial properties, faster” Jason added.

NZGIF is a green investment bank established to facilitate and accelerate investment that can help to reduce greenhouse gas emissions in New Zealand. With $700 million of investment capital, it is now one of the largest direct investors for climate change in Aotearoa New Zealand.

NZGIF is a long-term, mission-driven investor, providing innovative, flexible and tailored capital solutions to support decarbonisation initiatives across a broad range of sectors. It invests in scalable companies, technologies and products that are commercial-ready and offer low carbon benefits for New Zealand.

As a limited liability company independent of government, NZGIF makes independent investment decisions. It invests on a commercial basis and does not offer concessionary finance.

Sunergise is a renewable energy company with a mission to harness the power of the sun to empower communities and businesses. With a focus on innovation and sustainability, Sunergise delivers comprehensive solar energy solutions that are changing the way New Zealand powers its future.