New Zealand Green Investment Finance shares Ministers' concerns with SolarZero liquidation

6 Dec 2024

 

PHOTO: SolarZero


Yesterday representatives of New Zealand Green Investment Finance (NZGIF) met with its Shareholding Ministers to discuss matters relating to the voluntary liquidation of SolarZero.

"Our Shareholding Ministers rightly have questions about how this all happened, and so do we. The change in stance from SolarZero’s owner BlackRock came as a surprise to NZGIF and other lenders, and indeed appears to have caught SolarZero’s CEO off guard given recent public comments," says NZGIF Chair Cecilia Tarrant.


"We are extremely frustrated by this outcome. NZGIF and other international lenders worked to support the growth of this business. BlackRock has not explained its sudden change in stance toward this company, which has severely impacted its staff, suppliers, contractors and partners."

 

NZGIF also provided ministers with detail about the structure and exposure of the lending arrangements.
NZGIF’s lending under NZGIF Solar Finance was not provided to SolarZero Limited (in liquidation), nor did NZGIF own any part of the company, which was 100% owned by BlackRock.
 
"It is important to note, we lent against the installation of equipment at customers homes, which are owned by a trust structure that has provided customers and lenders with a measure of protection," says Tarrant.
 
"Prior to early November we had no indication from the SolarZero Board or BlackRock that the company did not have the support of its owner, which had been funding the ongoing operation of the group. NZGIF takes an active role in monitoring and engaging with investee and client companies and it is fair to say we, along with staff, suppliers and customers, have been shocked by BlackRock’s decision to place the company in liquidation.
 
"We are focused on protecting customers and taxpayers money," says Tarrant.

print this story

Related Topics:   Energy Green finance

More >
Media releases
More >

Insurers welcome govt decision to keep NHC levy unchanged

Fri 21 Nov 2025

Media release |The Insurance Council of New Zealand | Te Kāhui Inihua o Aotearoa (ICNZ) has welcomed the Government’s decision to leave the Natural Hazards Commission levy unchanged, amid ongoing concerns around the cost-of-living.

New carbon calculator helps Kiwirail customers make sustainable choices

Fri 21 Nov 2025

Media release | KiwiRail has launched a carbon calculator to meet increasing demand from customers wanting to compare carbon emissions from rail, road and air.

NZ and Iceland collaborate on geothermal energy

Thu 20 Nov 2025

Media release: New Zealand Government | New Zealand and Iceland today signed an agreement to deepen cooperation on geothermal energy development.

Climate Leaders Coalition launches next chapter

Thu 20 Nov 2025

Media release: Sustainable Business Council | The Climate Leaders Coalition (CLC) is this morning unveiling a new Statement of Ambition and refreshed Strategy, marking the next step in business-led climate action in New Zealand – just as COP30 concludes in Belém.

Photo by Megumi Nachev on Unsplash

Ministers urge decisive methane action as global report shows progress, warns of gaps

Wed 19 Nov 2025

Media release: UN Environment Programme | The Global Methane Status Report, launched on the sidelines of COP30 in Belém, shows that while considerable progress has been made since the launch of the Global Methane Pledge in 2021, more work is required to align with the level of ambition and action needed to meet the Pledge.

Aotearoa to host nationwide week of climate action in celebration of AlterCOP30

Mon 17 Nov 2025

Media release | Aotearoa is set to bring the spirit of the global climate summit COP home this November, as climate groups across the motu join forces for AlterCOP30 New Zealand – five days of climate kōrero, creativity and collective action.

Kaicycle celebrates ten years of collective climate action in Pōneke

14 Nov 2025

Media release: Kaicycle | Since 2015, Kaicycle has grown from a humble pilot project growing kai and collecting compost on bicycles into the thriving urban farm and composting hub that Wellingtonians know and love.

Solar panels at Regional Eye Centre in Honiara

New research to strengthen Pacific healthcare facilities against climate threats

14 Nov 2025

Media release: Fred Hollows Foundation | A major initiative to strengthen the climate resilience of Pacific healthcare facilities has been undertaken by New Zealand charity The Fred Hollows Foundation NZ.

Distinguished Professor Philippa Howden-Chapman

Building resilient cities in a time of climate change

13 Nov 2025

Media release: Otago University | Local and international experts are meeting in Wellington this month to share their knowledge on creating healthier, more resilient cities in the face of the challenges posed by climate change.

Dr James Muirhead

How climate alters earthquake risk

12 Nov 2025

Media release | Falling water levels in one of Africa’s largest lakes, driven by changes in climate, led to a rise in earthquakes, according to research led by Dr James Muirhead of the University of Auckland.