InfraDebt backs Lightyears to secure $174m from Japan and Australia to accelerate solar infrastructure builds.

Australian infrastructure lender InfraDebt and Tokyo-listed Obayashi Corporation back 300MW solar and battery pipeline

Rows of tracked solar panels at Lightyears’ Carterton 1 solar farm

MEDIA RELEASE  3 November 2026

Lightyears, a New Zealand-owned renewable energy business, has secured NZ$174 million from Japan and Australia. The funding comprises $74 million in planned investment from Obayashi Corporation, a Tokyo-listed Japanese construction group. InfraDebt, a major Australian renewables infrastructure lender, is providing a $100 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.

Obayashi Corporation is one of Japan's leading construction groups and is listed on the Prime Market of the Tokyo Stock Exchange. Alongside its core construction business, it develops renewable energy projects in Japan and overseas. It has named Japan and New Zealand as priority markets for its green energy business. 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 New Zealand.

InfraDebt is an Australian specialist infrastructure debt manager that finances renewable generation and battery storage, with more than 13 years' experience connecting capital with energy transition assets. It first partnered with Lightyears in 2025, in its first New Zealand transaction, bringing that experience across the Tasman. The new $100 million facility builds on that relationship and will support the growth of the Lightyears Energy platform.

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.

InfraDebt Co-Founder and Investment Director Chin-Lee Yu said: "We have built a great partnership with Lightyears and are pleased to support their next stage of growth. 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. New Zealand is a market we like, and we intend to be here for the long term, continuing to grow our relationship with Lightyears while deepening our presence on both the lending and investor side."

Lightyears has built its portfolio steadily over the past few years. In Reefton, a 14 MW solar farm is nearing completion and is expected to support energy resilience on the West Coast. Near Kuratau in the central North Island, the company is building the 15 MW Te Aho o te Rā Solar Farm in a joint venture with eight local Māori land trusts, incorporations and related investment entities, with financing from InfraDebt.

The farm is expected to generate around 23.5 GWh a year, enough to power about 3,300 homes, with completion due in July 2027. Near Ashburton, Lightyears is breaking ground on a new 6 MW site connected to the local Electricity Ashburton network.

"Obayashi and InfraDebt are ideal partners to support the next phase of growth for the Lightyears energy platform," says 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. We're a business founded and building here in New Zealand. Our aim is to support Kiwis and the renewable energy sector, and we're confident this will ultimately help lower energy prices for New Zealand people and businesses."

Together, Lightyears, Obayashi Corporation and InfraDebt are helping to build the next stage of New Zealand's energy transition, with more than 300 MW of solar and battery infrastructure to be delivered over the next five years. With this scaled support across global investors and local developer, for New Zealand, it means more locally generated renewable electricity and stronger energy resilience for communities and businesses.

About InfraDebt Pty Limited

InfraDebt is a private infrastructure debt manager with more than 13 years' experience connecting capital with energy transition assets. For investors, its funds are defensive and built for certainty and protection, not just yield. For borrowers, InfraDebt is a growth partner for sponsors unlocking complex and emerging energy transition infrastructure. Visit www.infradebt.com.au for more information.

About Lightyears Energy Limited

Lightyears is a Kiwi-owned renewable energy business developing, building and operating distributed solar generation across New Zealand. It was founded by Matt Shanks and Sean Tobin, who delivered the country's first utility-scale solar farm in 2023. The business takes projects from early opportunity through consents, funding and construction to long-term operation. Visit www.lightyearssolar.co.nz for more information.

Media contact

InfraDebt : Mehnaaz Ahmed, The Marketing Chameleon +61 43 2092 103 mehnaaz@themarketingchameleon.com.au

Lightyears: Fred Russo, Botica Butler Raudon Partners +64 21 403 509Fred@botica.co.nz