Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


SolarCity Raises NZ$5 Million Capital

1


MEDIA RELEASE
Friday 11 July, 2014

SolarCity Raises NZ$5 Million Capital

SolarCity New Zealand Limited ("SolarCity") today announced the completion of a NZ$5m capital raising with Pencarrow Private Equity, to fund its expansion strategy across New Zealand and the Pacific. SolarCity is contracted to install 3.4Mw of solar on New Zealand’s largest solar subdivision in Christchurch and is currently installing 1Mw of solar on the islands of Tuvalu and Rarotonga. SolarCity, one of the nation’s top five fastest growing green companies, currently has exclusive joint ventures in place with Genesis Energy and Panasonic New Zealand, and works alongside large building contractors and property developers.

Andrew Booth, founder and CEO of SolarCity, commented, "We are delighted that Pencarrow has joined the company. As New Zealand’s longest established private equity investors their expertise will be an invaluable contribution to our future development and growth. This new investment further strengthens our position as a leader in this rapidly growing sector."

Philippa Weston of Pencarrow said, "SolarCity has an impressive track record in the solar market and we are excited about the prospect of further expansion. We believe SolarCity’s experienced management team is well positioned to capture the fast growing solar opportunity in New Zealand and we look forward to working with them.” - ends -

About SolarCity
SolarCity is the nation's leading solar power company, having put more solar systems on New Zealand homes over the last 30 years than any other. It is also one of the top five fastest growing Green companies in New Zealand, is one of the Government’s Focus 500 companies targeted to contribute significant benefits to the New Zealand economy, and was the first solar company in the world to achieve CarboNZero accreditation. More: www.solarcity.co.nz

About Pencarrow:
Pencarrow is New Zealand’s longest established private equity manager, having established its first fund in 1993. Since 1993, Pencarrow has been making and managing private equity investments in businesses in New Zealand. It has invested more than $225 million in 25 companies. 2

Pencarrow is jointly owned by Nigel Bingham and Rod Gethen. It is focused on investing in and adding value to small to mid-market businesses in New Zealand, specialising in MBOs and expansion capital for companies across a range of industries.

Previous successful investments have included BJ Ball, New Zealand’s leading fine paper merchant, which has successfully expanded into Australia, and Phil & Teds, one of the world’s leading designers and marketers of premium infant hard goods.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Post-Post: Brian Roche To Step Down As NZ Post CEO

Brian Roche will step down as chief executive of New Zealand Post in April 2017, having led the state-owned postal service's drive to adjust to shrinking mail volumes with a combination of cost cuts, asset sales, modernisation and expansion of new businesses. More>>

ALSO:

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news