Lodestone to launch Series D capital raise for Phase 2 solar project

Eight more solar farms will be developed.

Lodestone Energy is set to launch its Series D capital raise in the third quarter of 2024 to fund its Phase 2 solar programme that will fund the development of more solar plants across New Zealand. 

In a statement, the company said the capital to be raised will be used to build eight more solar farms, adding 470 gigawatt-hours of new solar to the local market.

“Lodestone’s Phase 2 programme is set to be larger in scale, with three confirmed South Island farms and additional sites expected to be announced this year,” the company said.

“Lodestone will continue to adopt an agri-voltaic design across all its sites, which maximises the production of electricity and maintains productive farming,” it added.

The company has appointed Forsyth Barr, a New Zealand owned investment firm, and Barrenjoey, an Australian financial services firm, to lead the capital raise.

This development comes after Lodestone’s equity raise of $55m earlier this year which funded the pre-construction of its Phase 2 projects. 

Lodestone has raised $600m in total capital across its Phase 1 and 2 portfolios.