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Tokyo-listed Obayashi Corporation and infrastructure lender InfraDebt back 300 MW solar and battery pipeline
Auckland, New Zealand, 3 November 2026 – Lightyears, a New Zealand-owned renewable energy business, has secured NZ$174 million from Japan and Australia. The funding comprises $74 million in planned investment from Obayashi Corporation, a Tokyo-listed Japanese construction group. Infradebt, a major Australian renewables infrastructure lender, is also providing a $100 million lending facility. Together, they allow Lightyears to focus on delivering its pipeline of over 300 MW of utility-scale solar and battery infrastructure over the next five years.
Obayashi Corporation is one of Japan’s leading construction groups and is listed on the Prime Market of the Tokyo Stock Exchange. Alongside its core construction business, it develops renewable energy projects in Japan and overseas. It has named Japan and New Zealand as priority markets for its green energy business. Under a strategic partnership with Lightyears, Obayashi Corporation will take a 90% stake in a new company called LYOC1, holding solar projects. It will invest in stages as each project reaches development milestones, funding Lightyears’ next set of generation sites across the country.
Infradebt is an Australian specialist infrastructure debt manager that finances renewable generation and battery storage. It first partnered with Lightyears in 2025, in its first New Zealand transaction. The new $100 million facility builds on that relationship and will support the growth of the Lightyears Energy platform.
“Obayashi and Infradebt are ideal partners to support the next phase of growth for the Lightyears energy platform,” says Matt Shanks, Managing Director and Co-founder at Lightyears. “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 building 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 300 MW pipeline includes utility-scale solar farms and battery infrastructure, and the new capital gives Lightyears the room to concentrate on bringing it to life over the next five years as the business accelerates.
“This capital gives us a clear runway to deliver power projects up and down the nation. And that level of capital injection allows us to take on more projects concurrently. That is 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.”
InfraDebt Co-Founder and Investment Director Chin-Lee Yu said: “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.”
Lightyears has built its portfolio steadily over the past few years. 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, the company is building the 15 MW Te Aho o te Rā Solar Farm in a joint venture with eight local Māori land trusts, incorporations and related investment entities. The farm is expected to generate around 23.5 GWh a year, enough to power about 3,300 homes, with completion due in July 2027. Near Ashburton, Lightyears is breaking ground on a new 6 MW site connected to the local Electricity Ashburton network.
Media Contact
Fred Russo, Botica Butler Raudon Partners
+64 21 403 509
Fred@botica.co.nz
About Lightyears Energy Limited
Lightyears is a Kiwi-owned renewable energy business developing, building and operating distributed solar generation across New Zealand. It was founded by Matt Shanks and Sean Tobin, who delivered the country’s first utility-scale solar farm in 2023. The business takes projects from early opportunity through consents, funding and construction to long-term operation. Visit www.lightyearssolar.co.nz for more information.
About InfraDebt Pty Limited
InfraDebt is a private infrastructure debt manager with more than 13 years’ experience connecting capital with energy transition assets. For investors, its funds are defensive and built for certainty and protection, not just yield. For borrowers, InfraDebt is a growth partner for sponsors unlocking complex and emerging energy transition infrastructure. Visit www.infradebt.com.au for more information.
Another Lightyears project moving into construction. Work is underway on our new 5.9 MW solar farm near Ashburton.
Owned by Lightyears and connecting to the EA Networks network, the project will comprise around 9,100 solar panels. It is expected to generate approximately 8,800 MWh of renewable electricity each year, enough to power 1,260 homes.
The project will add new distributed renewable generation to the region and continue to build our presence in Canterbury. For us, projects like this are about steadily converting development work into operating assets.
Each project builds on the last, strengthening our delivery capability, supplier relationships and the systems we use across the wider portfolio.
Construction is underway on the 15 MW Te Aho o te Rā Solar Farm in Kuratau, near Tūrangi, being developed by Lightyears in partnership with eight local Māori land trusts, incorporations and related investment entities.
The start of construction was marked with a site blessing and sod-turning ceremony on 24 September, bringing together representatives from Lightyears, Māori investment entities, local landowners, and project partners.
The project will include approximately 24,000 solar modules across 32 hectares and is expected to generate around 23.5 GWh per annum, enough to power approximately 3,300 homes each year.
The development represents a significant co-investment in renewable energy, providing participating Māori investment entities with the opportunity to invest directly in a long-term infrastructure asset in the central North Island.
Once operational, Te Aho o te Rā Solar Farm will form part of Lightyears’ growing portfolio of distributed solar assets across New Zealand, adding new renewable generation capacity to the central North Island.
Lightyears Director and Co-founder Matt Shanks says:
“Since our first conversation with the landowners several years ago, we’ve been working on a joint venture structure that can support investment from multiple Māori investment trusts. One of our objectives when starting the business was to make it easy to invest in solar in NZ. We’re really pleased to have got to this point and to enable this co-investment alongside our Lightyears platform.”
The solar farm is expected to be completed by July 2027.
Earlier this week we hosted 10 University of Auckland engineering students through Engineering New Zealand (to be tagged) at our Waiuku Solar Farm for a look at utility-scale solar in practice.
Led by one of our Senior Electrical Engineers, Nick Carson, the visit gave the students a chance to see how a solar farm comes together beyond the drawings and models - from electrical infrastructure and site layout through to construction, operations and the realities of working on an active renewable energy project.
For us, it was also a valuable opportunity to speak with the next generation of engineers about the range of technical careers involved in delivering New Zealand’s energy transition.
Thanks to the students for coming along, asking plenty of questions and taking an interest in the work happening across our projects.
The best place to find a problem? Before it leaves the factory.
Our managing directors, Sean and Matt, were recently at Sungrow’s factory in Hefei, China, completing Factory Acceptance Testing on the MV stations for Reefton Solar Farm.
They inspected the equipment, worked through testing with the Sungrow team and checked everything was ready before shipment to New Zealand.
It’s not the most visible part of project delivery. But it matters. Catching issues early means fewer surprises on site and a smoother build at Reefton.
The factory golf simulator also passed its test. ⛳
Reefton has a long connection with electricity. Lightyears is building on that history with the start of construction on the 13.5 MW Reefton Solar Farm, its first project on the West Coast.
The project was marked with an onsite ceremony alongside JA Solar, which is supplying nearly 21,000 solar modules. Reefton is the third Lightyears project delivered with JA Solar, following projects at Carterton and Waimakariri.
Spanning 20 hectares, Reefton is Lightyears’ largest solar farm to date. It is designed to strengthen local energy resilience and support the West Coast’s industry and communities with more renewable generation.
Meridian Energy will purchase the solar farm’s output under a power purchase agreement. Construction also brings local work and supports Lightyears’ continued investment in community-scale solar across the region.
20,904 modules installed at Reefton.
Module installation is complete across the 13.5 MW Reefton Solar Farm - a major milestone as the project moves closer to becoming an operational renewable energy asset.
With the full array now in place, electrical works, and testing are continuing across the site ahead of connection.
Reefton is another example of utility-scale solar moving from development into delivery across New Zealand, strengthening the pipeline of new renewable generation coming onto the grid.
A huge effort from everyone involved in reaching this point, including our construction partner New Energy.
Reefton is pushing ahead through the depths of a West Coast winter.
Despite cold and wet site conditions, construction is progressing strongly, with more module rows completed each week and multiple workstreams moving in parallel.
A great effort from our construction partner, New Energy, onsite keeping momentum high and bringing the scale of the solar farm to life.
Known as “The Town of Light”, Reefton was the first town in New Zealand to have a public electricity supply. More than 135 years later, it feels fitting to see the town continuing its connection with energy as Reefton Solar Farm steadily moves from construction site to renewable energy asset.
A lovely sign of new life at our Carterton solar farm this week: baby birds have hatched from nests among the solar arrays, and a lamb was born on site. 🐣🐑
These moments reflect how renewable energy can form part of a living, working landscape. Alongside generating clean electricity, the site continues to support farming activity and provide space for local wildlife.
Our aim is to develop solar farms that contribute to New Zealand’s energy transition while respecting the land, animals and communities around them.
The MainPower Thongcaster Solar Farm is nearing completion in Eyrewell Forest.
At 7.28 MW, Thongcaster is a useful marker for Lightyears: a project moving through the final stages of delivery, and another proof point for the systems and partnerships behind our wider pipeline.
Distributed generation only becomes valuable when it is actually built, connected and ready to serve local demand. We know that disciplined delivery matters.
As Thongcaster nears completion, we’re continuing to look for project partners who want to bring more high-quality renewable generation to life across New Zealand.
Lightyears Energy has appointed experienced energy-sector leader Fraser Jonker to its board, strengthening governance and leadership as the company expands renewable-energy development across New Zealand.
Fraser brings energy-sector experience, industry knowledge and relationships that will support Lightyears’ next phase of growth. He served as CEO of Pioneer Energy for 14 years, helping grow the business from a regional Central Otago company into a national energy provider.
His governance experience spans energy, health, agriculture, wood processing, investment and development. Before moving to New Zealand, Fraser worked for more than 30 years as an energy consultant in South Africa.
Lightyears Energy is continuing to expand its solar portfolio and invest in renewable infrastructure. Fraser’s appointment adds strategic guidance as the company grows.
Lightyears has completed the sale of its fully consented 30 MWp solar project near Cambridge to NewPower Energy. NewPower’s sister company, Infratec, will build the solar farm.
The project will include more than 45,000 solar panels that track the sun during the day. The site is designed to support livestock grazing alongside the solar infrastructure and is estimated to be fully commissioned by early 2027.
Lightyears developed the project to shovel-ready status before the sale. The completed solar farm is intended to support the surrounding community with more renewable electricity for homes and businesses.
SEANZ Awards · 2025
Utility Scale Solar Trailblazer
Winner
Best Medium Business
Joint winner
Lightyears was recognised at the 2025 SEANZ Awards through the two featured awards above.
