DLA
Piper‘s New Zealand-based finance experts have
assisted New Zealand Green Investment
Finance Limited (NZGIF) on its collaboration with SolarZero, the country’s
largest provider of solar and battery systems. NZGIF
attracted further foreign direct investment into its Solar
Finance Programme, providing NZD195 million of debt
facilities with Société Générale to SolarZero under an
innovative ‘split-series’ structure. The structure is
designed to accelerate the adoption of residential solar
energy and support the development of cutting-edge Virtual
Power Plant (VPP) renewable technologies.

The
financing model strategically divides SolarZero’s funding
into two separate series, each tailored to attract distinct
investor groups. The Customer Series finances SolarZero’s
residential solar subscriptions and is designed to appeal to
institutional investors. In parallel, the Battery Series
supports SolarZero’s growth of its VPP technology, designed
to support New Zealand’s national grid during emergencies
and aimed at more ambitious and results-driven
investors.

Rachel
Brown, Auckland-based DLA Piper finance
partner, provided structured finance expertise to ensure the
success of this transaction. Rachel is well regarded for her
strong financing expertise in the renewable energy sector
with several high-profile engagements in the past year,
including acting on the financing aspects of the Solar
Finance Programme, which went on to win the 2024
Securitisation and Structured Finance Deal of the Year
at the IFLR Asia-Pacific Awards in Hong Kong, and Finance
Asia’s Best Sustainable Finance Deal for 2023. Rachel
also recently advised Aquila Clean Energy APAC with a
pioneering financing structure for its development of solar
farms in New Zealand.

Rachel said, “We are proud to
work with NZGIF and SolarZero on this pioneering financing
model. This initiative builds on the exciting developments
and future growth in our sustainable finance markets and
aligns with New Zealand’s goals to charge ahead with its
renewable energy transition.”

Commended for their
“marathon effort”, the DLA Piper team also included Jacob
Nutt, Aminder Patwalia,
and Ruby
Medlicott.

Société Générale played a
pivotal role as the arranger of the facilities, and Public
Trust as the trustee for the Customer and Battery Series.
Other advisors included Chapman Tripp for SolarZero, Mayne
Wetherell for Société Générale, and Webb Henderson for
Public
Trust.

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