Shortly after the meeting, Willis’ office sent a statement saying, “Nicola Willis conveyed her expectation that NZGIF will be publicly accountable for the investment it has made.”
Willis sought assurances about NZGIF’s other investments. After the meeting, Willis said she still needed more detail on due diligence and monitoring of the SolarZero investment.
Tarrant’s decision today brings to an end her six-year tenure at the Crown-owned green investment bank.
“I am immensely proud of the progress achieved in more than 30 transactions, showcasing the market potential of low-emissions investments across diverse sectors,” said Tarrant.
“I leave the role with confidence in the foundation we’ve built and wish the organisation every success in driving New Zealand’s critical journey toward decarbonisation.”
Tarrant had initially refused to comment following last Thursday’s meeting, but then told Newstalk ZB’s Jason Walls: “We do feel very bad, as we all do, about the people who have lost their jobs, but we did not lend to SolarZero the company and we are not responsible for what the company has done.”
Tarrant said: “Let’s step back a minute and understand that we did not lend to SolarZero itself. We lent on the receivables; the panels and batteries that were installed on people’s houses and those contracts. Those customers are fine. They are now being serviced by Verofi as the standby servicer who has stepped in to take over from SolarZero.”
The NZGIF debt was securitised and held by two special-purpose vehicles, both of which were taken over by the Public Trust shortly before the liquidation.
The special purpose vehicles are not in liquidation. The first liquidators report said: “The liquidators understand that SZL [SolarZero Limited] had underwritten certain aspects of the securitisation, resulting in unsustainable regular payments to the SPVs.”
The liquidators said payments to the SPVs were not sustainable. They and their lawyers are examining the securitisation.
