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Lodestone Energy completes NZX's first utility-scale solar IPO, raising NZ$75 million

New Zealand solar developer Lodestone Energy began trading on the NZX Main Board on October 22, 2026, after raising NZ$75 million in the exchange's first sizeable IPO in roughly five years and its first listing built entirely around utility-scale solar. Proceeds will fund expansion from five operating solar farms to a target of 16 to 18 plants by fiscal 2032.

By Greener Numbers Editorial Team · Published October 22, 2026 · Updated 10/22/2026

Lodestone Energy began trading on the New Zealand Stock Exchange Main Board at midday on October 22, 2026, under the ticker LOD, after raising NZ$75 million (about US$43 million) in an initial public offering priced at NZ$2.25 per share, PV Tech reported. The float gives the Auckland-based company a market capitalisation of NZ$440 million and an enterprise value of NZ$513.6 million. Around 10,000 new shareholders took part, with almost half the capital coming from retail investors and the balance from institutions and existing shareholders, whose holdings are subject to escrow.

Simpson Grierson, the law firm advising joint lead managers Forsyth Barr and Jarden, described the float as the NZX's first listing built entirely around utility-scale solar and the exchange's first sizeable IPO since Winton Land listed in 2021. Lodestone had sought between NZ$75 million and NZ$100 million; the offer closed on October 14. The company said all proceeds will fund new solar PV plants and customer growth, with none used to buy out existing shareholders.

Lodestone operates five solar farms totalling 169 MWdc: the 42 MW Te Herenga o Te Ra plant in the Bay of Plenty, the 33 MW Kohira plant in Kaitaia, the 32 MW Rangitaiki plant, a 32 MW plant at Whitianga and the 27.7 MW Clandeboye plant in Canterbury. A sixth, a 31.5 MWp joint venture with Centralines at Ongaonga in Central Hawke's Bay backed by ASB Bank, is under construction for 2027. The company targets 16 to 18 operating plants by fiscal 2032.

The business runs a 'virtual rooftop' model selling output directly to businesses, with The Warehouse Group covering more than 260 sites under a 2023 agreement and Inghams, Briscoe Group and Farro also signed. Lodestone gained authorised retailer status in April 2025 and has begun selling to households in Hawke's Bay. Fiscal 2026 energy revenue reached NZ$25.1 million, up 106% year over year, while its net loss narrowed from NZ$35.8 million to NZ$900,000.

The listing lands as New Zealand faces supply-security concerns: the grid relies heavily on hydropower, a dry 2024 cut hydro output and lifted wholesale prices, and Transpower's draft security-of-supply assessment warns of a 698 GWh winter energy shortfall by 2031 even if all committed projects arrive on time. Solar is growing from a small base, with generation up 56% year over year to a record 242 GWh in the second quarter of 2026.

Official source: pv-tech.org ↗