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.

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