MinterEllisonRuddWatts advised IFM Investors (a leading global provider of investment services across infrastructure, debt investments, listed equities and private equity) on its mezzanine financing of Lodestone Energy’s solar development project.
The project is set to be New Zealand’s largest of its kind, comprising five solar farms in Dargaville, Kaitaia, Waiotahe Valley, Edgecumbe and Whitianga.
Partner, Steve Gallaugher, and Senior Associate, Sam Gunson, advised IFM Investors on all aspects of the financing.
Steve Gallaugher said: “The Lodestone Project will deliver significant benefits for New Zealand, expanding the country’s renewable energy infrastructure and supports New Zealand’s target to reach 100% renewable electricity generation by 2030.
“With a project of this magnitude, it’s essential to work with a great team. We were delighted to advise IFM Investors on its mezzanine financing to enable this transformational project to proceed.”
IFM Investor’s Investment Director, Jing Guo, complimented the firm’s advice saying: “The team at MinterEllisonRuddWatts understood our requirements and the complexities involved with a project financing at this scale.”
When completed, Lodestone Energy’s five solar farms will increase New Zealand’s current solar production by eight times and act as one diversified power plant, reliably feeding electricity into local networks and supporting continued agricultural activities around the solar infrastructure.
