Green Investment Finance chairperson resigns fortnight after SolarZero collapse

Thursday, 12 December 2024

The chairperson of Crown-owned Green Investment Finance, Cecilia Tarrant, has resigned a fortnight after SolarZero went into liquidation.

New Zealand Green Investment Finance (NZGIF) had loaned $115 million for rooftop solar systems installed by SolarZero, making it fund’s largest bet.

Questions remain over how much if any of the subordinated debt will be paid back.

Climate Change Minister Simon Watts thanked Tarrant for her service in a brief statement and said she would leave the role on Friday week.

Tarrant said she respected ministers' desire for new leadership while “reflecting proudly on her six-year tenure”.

“I am immensely proud of the progress achieved in more than 30 transactions, showcasing the market potential of low-emissions investments across diverse sectors,” she said.

Finance Minister Nicola Willis, NZGIF’s other shareholding minister, told The Post last week she still had questions after meeting with Tarrant and fund chief executive Sarah Minhinnick.

Those included the due diligence that was undertaken before NZGIF made the SolarZero investment, the monitoring of the investment and “the structure of the deal that left taxpayer money so exposed”.

Willis had also sought assurances about NZGIF’s other investments, she said at the time.

“The failure of SolarZero does raise questions about taxpayers’ money being used in this way and those are questions ministers will be giving consideration to,” she said.