Westpac NZ is pleased to be supporting Hiringa Energy and their partners on a ground-breaking integrated wind turbine project in South Taranaki.
Westpac is the sole bank financer of the Kapuni Green Hydrogen project, which will see the construction of four wind turbines that will connect to a new hydrogen production plant at Ballance Agri-Nutrients' existing Kapuni plant.
The landmark green hydrogen project is the first in New Zealand to integrate wind, industrial renewable electricity supply and green hydrogen production at scale, with financing provided through a non-recourse project finance facility to fund the construction.
Westpac NZ Managing Director of Institutional and Business Banking, Reuben Tucker, congratulated Hiringa Energy and project partners Ballance Agri-Nutrients, Todd, Parininihi ki Waitōtara (PKW) and MBIE on reaching financial close that will enable construction to begin this month.
"This project is a great example of what can be achieved in New Zealand when organisations work collaboratively towards important shared goals like increasing our energy resilience and helping create job opportunities in the regions," Mr Tucker says.
"Banks have an important part to play in financing the infrastructure that will support our carbon transition. We see huge potential in renewables - whether wind, hydro or geothermal - and are actively supporting a number of projects around the country to increase energy supply.
"Across our business we've also committed $7.6b in sustainable lending as at the end of the last financial year, with a target of $9b by the end of 2027.
"We'll continue supporting Hiringa and their partners as they move into the construction phase of this project and we look forward to working with other innovative organisations like them on projects to deliver real benefits for New Zealanders."
