These funds will enable Lodestone to maintain their momentum of building new, utility-scale solar generation to serve its customers. Much of the raise was filled by existing shareholders but also included some new investors.

“This raise means we can continue to add to our fleet of solar farms and serve more customers who see significant value in Lodestone’s unique solar-backed contracting model”, Gary Holden, Managing Director of Lodestone says. “This kind of support from our existing shareholders is fantastic news as it means they continue to see value in the Lodestone vision and the long-term role we can play in the market.”

In keeping with their goal of seeing a ‘solar farm in every community’, Lodestone is about to announce the start of construction of their first project in the South Island. Earlier solar farm announcements by the company include a list of more than 10 sites, including a large project in the Mackenzie District at Haldon Station.

Lodestone engaged both international markets and its existing shareholders in the capital raise. Holden said while there was strong international interest in investing at scale, Lodestone decided to proceed with domestic capital following strong support from New Zealand investors, reaffirming the confidence and belief of its current shareholders in Lodestone's future.

The company is in a continuous process of developing solar sites as the demand from customers for lower cost electricity builds. Government and regulators are calling for faster delivery of renewable energy to meet growing demand and to displace expensive gas and imported coal. Lodestone is at the forefront of New Zealand's renewable electricity generation, and Holden emphasised the importance of policies and market settings that support investor confidence and enable rapid development.

“With our fourth farm coming on-line in Whitianga, we are running at pace to satisfy the number of large electricity users who need low cost, stable supply. There is little doubt the industry-wide push for utility-scale solar and battery storage will ultimately reduce the cost of electricity for everyone. Customers willing to act now and lead the way with long term supply deals are realising significant cost savings in the currently volatile New Zealand electricity market and will continue to reap the benefits into the future.” Holden says.