Lightyears secures NZD $174 million for New Zealand solar
Tue, 3rd Nov 2026 (Today)
Lightyears has secured NZD $174 million from Obayashi and InfraDebt to support a pipeline of more than 300 MW of solar and battery projects in New Zealand.
The package includes NZD $74 million in planned investment from Tokyo-listed construction group Obayashi and a NZD $100 million lending facility from Australian infrastructure debt manager InfraDebt.
Under the arrangement, Obayashi will take a 90% stake in a new company, LYOC1, which will hold solar projects. The investment will be made in stages as projects reach development milestones, with the money earmarked for Lightyears' next-generation sites around the country.
InfraDebt is extending a relationship that began in 2025, when it completed its first New Zealand transaction with Lightyears. The new facility is intended to support the broader Lightyears Energy platform as it develops utility-scale solar farms and battery assets over the next five years.
Matt Shanks, Managing Director and Co-founder of Lightyears, said the two backers would support the company's next phase of expansion.
"Obayashi and InfraDebt are ideal partners to support the next phase of growth for the Lightyears energy platform," Shanks said.
"We see these partnerships as recognition of the track record we've established with our team, our partners and the projects we've built. This funding lets us add new generation in the regions that need it. We're a business founded and built here in New Zealand. Our aim is to support Kiwis and the renewable energy sector, and we're confident this will ultimately help lower energy prices for New Zealand people and businesses."
The funding gives Lightyears scope to work on more projects at the same time. It has also structured some projects to include other investors, including Māori investment groups and large energy users.
"This capital gives us a clear runway to deliver power projects up and down the nation. That level of investment allows us to take on more projects at once. That means more locally generated renewable electricity and stronger energy resilience for Kiwi communities and the businesses that need it. We've also created ways for a wide range of partners to take part, such as our co-investment with Māori investment groups and large energy users. We look forward to growing the business alongside our stakeholders, including landowners, investors and energy users who want to bring new generation to life," Shanks said.
Current Projects
Lightyears has been building a portfolio of renewable projects in several regions. In Reefton, a 14 MW solar farm is nearing completion and is expected to support energy resilience on the West Coast.
Near Kuratau in the central North Island, Lightyears is building the 15 MW Te Aho o te Rā Solar Farm through a joint venture with eight local Māori land trusts, incorporations and related investment entities. The project is expected to generate about 23.5 GWh a year, enough to supply roughly 3,300 homes.
Another site near Ashburton is moving into construction, with Lightyears breaking ground on a 6 MW project connected to the Electricity Ashburton network.
Obayashi's involvement marks a further step in its renewable energy investment outside Japan. The group has identified Japan and New Zealand as priority markets for its green energy business alongside its core construction activities.
Lender View
InfraDebt said the latest commitment reflects confidence in both the market and its existing partnership with Lightyears. The lender focuses on debt financing for renewable generation and battery storage projects.
"We have built a great partnership with Lightyears and are pleased to support their next stage of growth. Working closely together, we have structured debt solutions that meet the needs of their projects and partners, from global infrastructure investors to Māori investment groups. New Zealand is a market we like, and we intend to be here for the long term, continuing to grow our relationship with Lightyears while deepening our presence on both the lending and investor side," Yu said.
Lightyears was founded by Matt Shanks and Sean Tobin, who delivered New Zealand's first utility-scale solar farm in 2023, according to the company. The business develops, builds and operates distributed solar generation projects across the country.