Where the collapse leaves customers is unsure at this time, but the government will likely have to write off $115 million lent to the company. SolarZero was purchased by Blackrock in 2022 (Blackrock is the world’s largest asset manager with US$11 trillion under management). Some are now calling on Blackrock to repay the taxpayer money advanced to SolarZero.
The $115 million “investment” in
SolarZero was made via NZ Green Investment Finance - a “green investment bank”
created by the Ardern Labour government in 2019 under a confidence and supply
agreement with the Green Party. Taxpayers have contributed $700 million in cash
to NZ Green Investment Finance from the emissions trading scheme, which includes
a levy on fuel at the petrol pump.
The SolarZero investment was the fund's
largest investment and represents a quarter of its capital. Perhaps it's time
for the coalition government to put an end to the delusional ideas that created
this fund in the first place and dissolve the “green investment bank”.
More information
Update, liquidator's first report: HERE >>>
RNZ News: HERE >>>
