Lightyears secures $98M to accelerate solar infrastructure in New Zealand

Lightyears, a New Zealand-owned renewable energy business, has secured NZ$174 million (about USD 98 million) from Japan and Australia. The funding comprises NZ$74 million (about USD 42 million) in planned investment from Obayashi Corporation, a Tokyo-listed Japanese construction group. Infradebt, an Australian renewables infrastructure lender, is also providing a NZ$100 million (about USD 56 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, the company said in a press release.

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, an Australian specialist infrastructure debt manager that finances renewable generation and battery storage, first partnered with Lightyears in 2025, in its first New Zealand transaction. The new NZ$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,” said 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.”  

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, the press release said.

“We have built a great partnership with Lightyears and are pleased to support their next stage of growth,” InfraDebt Co-Founder and Investment Director Chin-Lee Yu said. “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.”