Investment Overview
for Purpose Capital
Summary information on a proposed NZ$5 million equity allocation in Harbour Infrastructure Limited's NZ$25 million equity raise.
Overview of the proposed allocation and alignment with Purpose Capital's mandate.
Purpose Capital has existing exposure to NZ solar infrastructure through investments in the Maungaturoto Solar Farm and Lodestone Energy. This proposed NZ$5 million allocation in HIL's NZ$25 million equity raise would extend that position across a broader, diversified portfolio.
NZ Capital has committed to the remaining allocation. The combined raise would fund 163MW of consented, ready-to-build solar farms across New Zealand.
The dividend profile may be of particular interest. Once the pipeline is operational and debt begins to amortise, equity distributions are forecast to grow — reaching $23.5 million annually by FY39. These are contracted cash flows from CPI-linked PPAs with investment-grade counterparties.
High & Growing Dividends
Once the pipeline is operational, HIL is structured as a dividend-focused infrastructure vehicle. Equity distributions are forecast to grow from $3.1M in FY29 to $23.5M by FY39, driven by contracted, CPI-linked revenue and progressive debt amortisation.
Indicative Equity Cash Flows (NZ$M)
Debt repayment + dividend distributions to equity holders
| Year | Debt Repayment | Dividends | Total |
|---|---|---|---|
| FY28 | 3.5 | 9.2 | 12.7 |
| FY29 | 13.1 | 3.1 | 16.2 |
| FY30 | 13.1 | 3.9 | 17.0 |
| FY31 | 13.1 | 4.8 | 17.9 |
| FY32 | 13.0 | 5.9 | 18.9 |
| FY33 | 13.0 | 7.3 | 20.3 |
| FY34 | 13.0 | 8.6 | 21.6 |
| FY35 | 13.0 | 10.0 | 23.0 |
| FY36 | 13.0 | 11.9 | 24.9 |
| FY37 | 12.9 | 12.3 | 25.2 |
| FY38 | 12.8 | 20.2 | 33.0 |
| FY39 | 12.8 | 23.5 | 36.3 |
Illustrative Returns
Why Dividends Grow
As GSAM debt is progressively repaid, a larger share of operating cash flows converts directly to equity distributions.
All PPAs include CPI escalation clauses, meaning revenue grows with inflation while debt service remains fixed.
As each farm reaches COD, total operating cash flows step up materially — from $1.6M today to $17M+ at full build-out.
Measurable Impact,
Market-Rate Returns
Purpose Capital's Fund 2 is focused on financing the energy transition. HIL's 163MW of new solar generation aligns with that mandate while targeting 12%+ equity returns.
The existing investments in the Maungaturoto Solar Farm (via Fund 1) and Lodestone Energy provide familiarity with the sector and the HIL team. This raise extends across a diversified portfolio with institutional debt backing.
Full Asset Portfolio
Seven assets across New Zealand — five underpinned by freehold land ownership, two by university licence agreements.
Tararua
North Island100% owned by HIL subsidiary. Leased to Akuo Green Energy on a 35-year triple-net lease with CPI escalation and bank guarantee. Adjacent to Mangamaire substation. Cash flowing now.
Maungaturoto
Northland, North Island16.7ha freehold land owned. Operational since November 2025. 10-year PPA with Mercury Energy (NZX listed, BBB+ rated) on behalf of Ryman Healthcare. $27M project debt from Westpac. Generates 32 GWh annually.
Lincoln University
Canterbury, South IslandRooftop and ground-mount solar on Lincoln University campus under licence agreement. Behind-the-meter PPA with the university. First of the university partnership model demonstrating the rooftop solar growth strategy.
Massey University
Palmerston North, North IslandGround-mount solar on Massey University land under licence agreement. 25-year behind-the-meter PPA with Massey. Largest university solar installation in New Zealand. Demonstrates scalability of the institutional partnership model.
Naseby
Central Otago, South IslandTwo-stage development (40MW + 40MW) on freehold land to be acquired. Central Otago offers 2,000+ annual sunshine hours. MOUs signed with Oceania Gold and Otago University, sleeved through Genesis Energy.
Waimate
South Canterbury, South IslandFreehold land to be acquired. 20-year PPA with McCain Foods (NZ) via Meridian Energy sleeving arrangement. Supporting McCain's target of 100% renewable electricity by 2030.
Ashley
Canterbury, South IslandFreehold land option to be settled. Sovereign AI data centre co-location with 10MW baseload demand and 30-year PPA for 100% output. Direct GXP adjacency in high-growth region.
Full Asset Portfolio Summary
| Property | Location | Tenure | Land Area | Capacity | Status | Revenue p.a. | $/ha p.a. |
|---|---|---|---|---|---|---|---|
| Tararua | North Island | Freehold | 92 ha | — | Operational | $385K | $4,185 |
| Maungaturoto | North Island | Freehold | 16.7 ha | 21.0 MWp | Operational | $871K | $52,156 |
| Lincoln University | South Island | Licence | ~2 ha | 1.4 MWp | Development | $134K (FY28) | $67,000 |
| Massey University | North Island | Licence | ~11 ha | 7.0 MWp | Development | $800K (FY28) | $72,727 |
| Naseby | South Island | Freehold (to purchase) | ~128 ha | 80 MWp | Development | $7.6M (FY29) | $59,375 |
| Waimate | South Island | Freehold (to purchase) | ~15 ha | 9.4 MWp | Development | $777K (FY29) | $51,800 |
| Ashley | South Island | Freehold (option) | ~105 ha | 65.6 MWp | Development | $6.5M (FY29) | $62,190 |
Contracted, CPI-Linked, Growing
Forecast operating cash flows grow from $1.6M today to over $17M annually — all secured by long-term PPAs with investment-grade counterparties.
163MW Ready to Build
All projects have land secured, geotech completed, and resource consents in place or well progressed.
| Solar Farm | MWp | Cost ($M) | Equity IRR | Counterparty | FY29 CF ($M) | Land |
|---|---|---|---|---|---|---|
| Lincoln University | 1.4 | 2.0 | 12.9% | Lincoln University | 0.1 | Licence |
| Massey University | 7.0 | 11.4 | 24.9% | Massey University | 0.8 | Licence |
| Waimate | 9.4 | 15.9 | 15.0% | McCain Foods (NZ) | 0.8 | FREEHOLD |
| Naseby Stage 1 | 40.0 | 64.5 | 19.8% | Oceania Gold / Genesis | 3.6 | FREEHOLD |
| Ashley | 65.6 | 106.3 | 20.2% | Data Centre Operator | 6.5 | FREEHOLD |
| Naseby Stage 2 | 40.0 | 65.6 | 21.2% | Otago Uni / Genesis | 4.0 | FREEHOLD |
| Total Pipeline | 163.3 | $266.8 | — | 15.8 |
Investment-Grade Offtakers
Why This Fits Purpose Capital
Purpose Capital has already demonstrated conviction in NZ solar through your investments in the Maungaturoto Solar Farm and Lodestone Energy. This raise is a natural extension of that thesis — scaling from individual projects to a diversified, institutional-grade platform.
As a certified B Corp and signatory to the Operating Principles for Impact Management, Purpose Capital's mandate is consistent with HIL's objectives.
The dividend profile provides a pathway to market-rate returns alongside measurable environmental impact across seven solar farms.
Confirmation of Interest
We would welcome the opportunity to discuss this further at your convenience. Full dataroom access and documentation are available on request.