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solarcity appoints Amish Vallabh as chief financial officer

Auckland, 03 August 2015 - solarcity New Zealand has today appointed Amish Vallabh as its chief financial officer.

Vallabh has a successful track record as CFO of some of New Zealand’s leading companies including Fronde Group, AMP NZ Office and Housing New Zealand. At solarcity he will oversee the company’s accounting, structured finance and investor relations.

"This is a tremendous addition to the executive team,” says solarcity CEO Andrew Booth.
“Amish brings a combination of experience in structured finance, equity and debt issuances and other key disciplines that will be central to our development.

"Amish will be an important part of our next growth stage as we accelerate sales over the next 12 months following the successful launch of solarZero which is seeing us install a solar system every four hours across the nation.”

Vallabh served Fronde Group as chief financial officer between 2012 and 2015, Housing New Zealand as Acting CFO and was the CFO of NZX Listed AMP NZ Office between 2004 and 2010 where he was responsible, with the leadership team, for growing the asset base from $600m to $1.5b.

“Every year $4bn is spent by small business and residential consumers in NZ on buying energy,” says Vallabh.

“Using structured finance, pioneered in the US, solarcity delivers power to consumers across the country at about the same, or less, than the average rate you pay for electricity from the national grid and locks that price for 20 years. As power prices have jumped by a staggering 153% in the last two decades solarZero could save thousands of dollars over the long term.

“With only only 0.2% market penetration of solar in New Zealand I see this sector as a significant growth opportunity across the next five years as we accelerate our sales to give Kiwis access to more affordable, cleaner power.”