Chapman Tripp is proud to have advised SolarZero, New
Zealand’s largest provider of solar and battery systems,
on its new financing model under the New Zealand Green
Investment Finance Limited (NZGIF) Solar Finance Programme,
providing $195 million of debt facilities under a scalable
‘split-series’ structure.

Société Générale
acted as arranger of the facilities and Public Trust
continues its role as trustee. The financing model splits
SolarZero’s growth financing trust into two distinct
series, enabling them to present bespoke offerings to
different types of investors. The Customer Series has been
designed to provide broad appeal to institutional investors
in asset-backed securities and focuses on financing the
widespread adoption of SolarZero’s solar subscriptions. A
separate Battery series supports SolarZero to build out
their Virtual Power Plant technology which supports the
national grid in potential emergencies, and is designed to
appeal to more ambitious and outcome-oriented
investors.

Chapman Tripp’s expertise in structured
finance and sustainable funding were instrumental in
advising SolarZero on this pioneering financing model. Led
by finance partner Luke
Ford, the Chapman Tripp team included Tom Yates, Rupert
Gates and Tom van Schaik. Tax partner Bevan
Miles and Conor
Tinker provided tax advice across the
transaction.

In 2021, Chapman Tripp advised
SolarZero on its initial $10m investment from New Zealand
Green Investment Finance (NZGIF), followed by a facility to
launch its SolarZero Schools initiative, providing solar
installations in schools. In 2023, Chapman Tripp again advised
SolarZero on its partnership with NZGIF to become the
initial cornerstone participant in the NZGIF Solar Finance
Programme. SolarZero is owned by BlackRock via its Climate
Infrastructure franchise.

James Allard, Chief
Financial Officer of SolarZero, says, “This is a really
exciting milestone not only for us, but for Aotearoa’s
structured debt space. Going forward, it’ll open the door
to a range of new investors, enabling us to continue to
scale our customer base and help more kiwis save money by
switching to solar, while expanding our Virtual Power Plant
which we expect will play a meaningful role in supporting
New Zealand’s energy transition.”

Luke said, “It
is great to work with SolarZero as it continues to grow and
innovate with NZGIF, Société Générale and investors.
This new financing model paves the way for future growth of
the company and our sustainable finance markets, as the
country strives to accelerate its renewable energy
transition.”

Mayne Wetherell advised Société
Générale, DLA Piper advised NZGIF and Webb Henderson
advised Public
Trust.

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