solarcity New Zealand Limited 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 -
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.
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.