Intesa Sanpaolo Backs NZ$267 Million Green Financing for New Zealand’s Kōwhai Solar Park, Promoting Global Energy Transition

Intesa Sanpaolo Backs NZ$267 Million Green Financing for New Zealand’s Kōwhai Solar Park, Promoting Global Energy Transition

(IN BRIEF) Intesa Sanpaolo, along with a consortium of international banks, has committed NZ$267 million (approximately €150 million) in green financing to support the construction of the Kōwhai Solar Park in Christchurch, New Zealand. This solar park, a joint venture between Lightsource bp and Contact Energy, will be one of the country’s largest, producing 168 MWdc of power to meet the energy needs of around 36,000 homes annually. Construction is set to begin in late 2024, with completion expected by 2026. This investment underscores Intesa Sanpaolo’s commitment to driving the global energy transition and promoting sustainable finance.

(PRESS RELEASE) MILAN, 22-Aug-2024 — /EuropaWire/ — In a significant move towards advancing sustainable energy infrastructure, a consortium of international banks, including Intesa Sanpaolo, has committed NZ$267 million (approximately €150 million) in green financing to support the development of New Zealand’s Kōwhai Solar Park. The project is a collaborative venture between Lightsource bp, a global leader in solar energy, and Contact Energy, one of New Zealand’s premier energy producers and distributors.

Located at Christchurch Airport, the Kōwhai Solar Park is poised to become one of the largest solar energy facilities in the country. The park will feature approximately 300,000 solar panels, generating 168 MWdc of power, which is sufficient to meet the energy demands of around 36,000 homes annually. Construction is set to commence in late 2024, with full operational capacity expected by 2026.

Intesa Sanpaolo, through its IMI Corporate & Investment Banking Division’s Sydney office, is playing a key role in this financing endeavor. The bank’s involvement underscores its commitment to fostering the global energy transition and supporting green finance initiatives.

Nicola Doninelli, Head of Distribution Platforms & GTB at Intesa Sanpaolo’s IMI Corporate & Investment Banking Division, highlighted the significance of this project, stating, “This investment reflects our ongoing dedication to advancing renewable energy projects worldwide. Our division has been actively involved in 19 ESG-related transactions across the Asia-Pacific region since 2021, contributing to a cumulative value of approximately €12 billion. We are honored to partner with industry leaders Lightsource bp and Contact Energy to bring this transformative project to fruition.”

The Kōwhai Solar Park represents a major milestone in New Zealand’s journey towards sustainable energy and reinforces the global shift towards greener energy solutions.

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SOURCE: Intesa Sanpaolo