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

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news