Kiwi firms gets World Bank funding

MICHAEL FOREMAN
Last updated 12:08 13/06/2014

Relevant offers

Industries

Survey shows more work needed to support women's careers Jam Space's goal to be go-to resource for NZ music industry Global beauty brand Sephora NZ stays quiet on delivery issues Coke targets 'foodies' as more people move away from fizzy New World Lower Hutt to become a pop-up supermarket Party pill pioneer Matt 'Starboy' Bowden to accept bankruptcy from Thailand Eight week extension to Kaikoura business support package We just don't love the mall like we used to: Justin Kean Guilty verdicts in Auckland roading corruption case Ngai Tahu, Ngati Whatua have top financial performance of iwi

Auckland solar energy company Sunergise International has received US$2 million (NZ$2.3m) funding from World Bank Group member IFC.

Sunergise co-founder Lachlan McPherson said the details of the deal were commercially sensitive, but IFC was taking a "substantial minority stake" in the company.

IFC's investment would allow Sunergise to scale up its business and expand solar installations in New Zealand, Fiji and Papua New Guinea, he said.

Sunergise owns and operates solar power systems that are installed on customers' premises under a fixed-period supply agreement.

Sunergise chief executive Paul Makumbe said about 50 per cent of the power supply in the Pacific was diesel-generated and could readily be replaced with solar power.

While the region was almost completely dependent on imported fossil fuels, renewable energy resources were abundant and most Pacific countries received an average of six hours of sunshine every day, Sunergise said.

IFC East Asia-Pacific director Sergio Pimenta said the investment in Sunergise would help the global development institution provide more people with energy in places where there was little or no access to an electricity grid.

"Offering less expensive, cleaner power to customers, with no upfront capital outlay, will provide significant benefits in countries such as Papua New Guinea, where as little as 12 per cent of the population has access to power," Pimenta said.

Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content