Solar Bay Maungaturoto Solar Farm project

30 Jul 24

Anderson Lloyd is very pleased to have supported Solar Bay, as lead project counsel, on the development and project financing of the Maungaturoto Solar Farm project, which achieved financial close on Friday.

Our team of experts, led by Anton Trixl and Geoff Busch with support from George Willis and Salam Bassili, supported the Solar Bay team on all aspects of the development, construction and project financing of this exciting project.

The solar farm, to be located near Maungaturoto in Northland, will add approximately 21MW of energy capacity in support of New Zealand’s clean energy transition and target of net-zero emissions by 2050. The project is backed by a power purchase agreement with Mercury NZ for 100% of the energy generated by the solar farm.

Debt financing for the project is being provided by Westpac New Zealand Limited, which was advised by Buddle Findlay. Solar Bay was advised by Jarden and partnered with Tupu Tonu (the Ngāpuhi Investment Fund) and Purpose Capital, who will provide equity to the project.

The project entity has engaged Chint Green Energy NZ to carry out construction of the solar farm. Work on site has begun in earnest, with project delivery expected mid-2025.

Congratulations to Solar Bay and all involved on the achievement of this significant milestone!