Auckland-based venture capital firm Pacific Channel has launched a new US$36m (NZD40m) fund, Fund V, aimed at providing seed capital to advance the development of seven large-scale renewable energy generation and storage projects to shovel-ready status, with an additional 18 projects in the pipeline, as part of a broader pipeline exceeding 10 GW of capacity across the country.
Pacific Channel said Fund V will support the development of a national portfolio of wind, solar, and storage projects led by renewable energy developer Kākāriki, a joint venture formed by operators including Australia’s Energy Estate, UK-based Regener8 Power, and New Zealand companies Elemental Group and Tāmata Hauhā. The initial phase of the Kākāriki portfolio includes 4 GW of solar and wind generation and 2.3 GW of battery energy storage capacity, with land access, planning, and grid connection activities already underway.
New Zealand targets a 90% share of renewables in its electricity mix by 2025 and a 50% share in final energy consumption by 2035, aiming for carbon neutrality by 2050. Renewables accounted for 86% of the country’s power mix in 2023.
