NZGIF’s investment in Rural Energy boosting uptake of solar on dairy farms :: NZ Green Investment Finance
Summary
New Zealand Green Investment Finances (NZGIF) investment in Rural Energy is already helping accelerate the uptake of solar electricity generation on farms.NZGIF provided a $10 million credit facility to Rural Energy to finance solar as a service power purchase agreements for dairy farms in New Zealand.The company has completed nearly 200 installations in the Waikato region to date, making it one of the largest specialist agri solar providers in NZ.Rural Energy helps reduce the carbon footprint of the dairy farm industry by providing distributed solar energy for use on farms with no upfront cash commitment. As both a solar installer and energy retailer, it offers a one stop shop solution to switching to renewable electricity generation, removing barriers for farmers and enabling them to reduce their electricity costs.NZGIFs $10 million credit facility is projected to finance approximately 300 solar installations over the course of three years, said NZGIF Chief Investment Officer Jason Patrick.We are pleased to offer a financing solution that is enabling Rural Energy to accelerate growth and roll out solar to more dairy farms, faster, he said.Rural Energy Chief Executive Officer Shaheer Azizi says, Rural Energy offers a complete solution for dairy farmers by supplying both solar and grid energy. We use data driven solutions to provide on-site renewable energy generation that is individually optimised for each dairy shed, saving farmers up to 30% in their electricity costs. Options available for farms to reduce emissions have been limited, but that is starting to change due to increasing farmer demand for sustainability solutions. With $700 million of investment capital, it is now one of the largest direct investors for climate change in Aotearoa New Zealand.