NZGIF will supply up to $25m to fund the construction of connection assets for the new ~50MW TOPP2 geothermal plant.

Additionally, it will enable upgrades to the existing connection of the 25MW Te Ahi O Maui geothermal plant.

“The loan represents an attractive opportunity to support a leading infrastructure operator and regional decarbonisation,” says NZGIF chief investment officer Jason Patrick.

“NZGIF’s tailor made funding will support Eastland Generation and subsequently the energy resilience of the Eastern Bay of Plenty region, benefitting industry and farming in the region.”

Eastland Generation is owned by Eastland Group, a specialist infrastructure company headquartered in Tairāwhiti that also operates Eastland Port and Gisborne Airport.

Having recently sold its electricity distribution business, Eastland Group is recycling capital into its significant generation pipeline.

Eastland Generation Chief Executive Officer Alice Pettigrew says, “Partnering with NZGIF was a natural choice as they identified a specific opportunity and share our commitment to sustainable, enduring investments in renewable infrastructure, combined with a commercial approach to the transaction."