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


SolarCity Raises NZ$5 Million Capital


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:

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


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news