CentrePort's low-carbon regeneration programme a step closer

18 June 2020

Media Release

CentrePort has boosted its environmental sustainability by drawing on a green credit facility of $15 million provided by New Zealand Green Investment Finance for low carbon projects at the Wellington port.

"This deal marks a significant first step in our investment in New Zealand's long-term, low carbon economy," Craig Weise, New Zealand Green Investment Finance Chief Executive, said today.

"NZGIF's facility provides the finance necessary to accelerate the deployment of low carbon projects and provides the capital to ensure these projects remain a priority and are developed alongside the wider regeneration of the port. We are proud to have successfully negotiated this transaction with CentrePort, even as we both faced additional challenges introduced by covid-19".

New Zealand Green Investment Finance's lending will be exclusively used to fund low carbon projects which will reduce CentrePort's overall carbon footprint, such as the introduction of electric vehicles, on-site renewable energy generation and energy efficient upgrades. Successful investment in electrification, renewables and efficiency will not only assist the port to achieve its climate goals, but also provide an example for other firms, in the port sector and beyond.

The catalyst for this work is CentrePort's regeneration plan following the Kaikoura earthquake in 2016. New Zealand Green Investment Finance has taken the lead in providing funding to ensure the long-term regeneration of the port has a low carbon outcome.

"The investment in electric vehicles is part of CentrePort's regeneration programme, which will deliver a 21st century logistics asset to benefit the economy, the city, the community and the region", said Derek Nind, CentrePort Chief Executive. "This investment also has strong business drivers for us, delivering a more efficient supply chain system with lower running costs, as well as lower emissions".

Greater Wellington Chair Daran Ponter said he fully supports CentrePort's investment, which is an essential component in reducing the region's carbon footprint.

"Emissions from vehicles have risen by 14 per cent in the Wellington region in the last decade, so the move to decarbonize transport is central to meeting our goal of carbon neutrality by 2030 across all of Greater Wellington's operations. This is a very welcome initiative by CentrePort, and there is much more to come in areas such as our corporate and public transport fleets."

Today's announcement from New Zealand Green Investment Finance is the first in a series of investments planned for 2020.