Chair of Governmentβs green investment fund resigns in wake of SolarZero collapse
Jenna Lynch
December 13, 2024 β’09:33am
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Cecilia Tarrant, the chair of NZ Green Investment Finance, outside Parliament.Chino Barrett-Lovie / STUFF
The chair of NZ Green Investment Finance (NZGIF) has resigned in the wake of
the collapse of solar power provider SolarZero.
The company, which owns about a third of New Zealandβs solar installations, announced the liquidation on its Facebook page in late November, citing βunsustainable operating losses and liquidity constraintsβ.
Ministers had been seeking urgent advice and explanations on the implications of SolarZero having drawn down about $115 million of the $145m in loans NZGIF had committed by the time the company went into liquidation.
Late on Thursday, Climate Change Minister Simon Watts announced that Tarrant had resigned.
The Government wanted assurances around the due diligence, monitoring and the structuring of the deal, believed to be the fundβs largest investment.
Last week, NZGIF chairwoman Cecilia Tarrant met with Watts and Finance Minister Nicola Willis.
βWe met with the minister of finance and the minister of climate change. They expressed their concerns, obviously we are also very concerned. Weβve agreed to keep them updated fully as the situation develops,β Tarrant said as she left the meeting.
Watts said Tarrant would stand down on December 20th.
βI want to acknowledge the work Ms Tarrant has led over the last six years and thank her for her service.
βDavid Woods, the Deputy Chair of NZGIF, will act as Chair for the coming months while decisions are made on the future direction of NZGIF.
Tarrant sent a statement which hinted ministers had indicated their preference for her to move on saying she was βrespecting the Ministers' desire for new leadership while reflecting proudly on her six-year tenureβ.
βI am immensely proud of the progress achieved in more than 30 transactions, showcasing the market potential of low-emissions investments across diverse sectors.β
"I leave the role with confidence in the foundation we've built and wish the organisation every success in driving New Zealandβs critical journey toward decarbonisation.β
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