Monday, July 22, 2024

New Zealand Green Investment Finance (NZGIF) lends $25 million to Eastland Generation for geothermal projects

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New Zealand Green Investment Finance (NZGIF) has announced a $25 million loan to Gisborne-based Eastland Generation. The loan will finance the construction of connection assets for the new 50 MW TOPP2 geothermal plant and help upgrade the existing connection to the 25 MW Te Ahi O Maui geothermal plant.

According to NZGIF Chief Investment Officer Jason Patrick, the loan is an opportunity to support an infrastructure operator and contribute to regional decarbonisation. NZGIF funding will not only benefit Eastland generation, but also improve the energy resilience of the Eastern Bay of Plenty region.

NZGIF is a government-owned green investment bank established in 2019 to accelerate investment in New Zealand’s greenhouse gas emission reduction projects. Eastland Generation, owned by Eastland Group, a specialist infrastructure company based in Tyraviti, operates three geothermal power plants in the Bay of Plenty. With the NZGIF loan, Eastland Generation can continue to upgrade its renewable energy infrastructure.

The partnership with NZGIF aligns with Eastland Generation’s commitment to making sustainable investments in renewable infrastructure. The company has contracted Armate Technologies to build and operate the power plant, with an option to buy it in the future. Eastland Generation is currently conducting a capital raising to find a buyer for 50 percent of the company’s shares, part of which will be used for the development of the TOPP2 project.

In addition to geothermal power plants, Eastland Generation also has a hydroelectric plant and a utility-scale solar farm that will be operational soon. The NZGIF loan will support the expansion of Eastland Generation’s renewable energy portfolio and contribute to New Zealand’s sustainable energy goals.

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