Liquidators were appointed to New Zealand Green Investment Finance on 30 October 2026 after the entity posted a $116.4 million deficit driven by a $113.3 million impairment on its SolarZero exposure.
Liquidators Close Chapter on NZGIF
Shareholding ministers appointed liquidators to New Zealand Green Investment Finance on 30 October 2026. The move ends the government-backed vehicle launched in 2019.
NZGIF wrote off $113.3 million after the November 2024 collapse of SolarZero. BlackRock, the owner, placed the solar firm into liquidation. NZGIF had committed up to $145 million in taxpayer funds as part of a larger financing package.
The 2024/25 financial year recorded a $116.4 million deficit. The impairment on SolarZero assets accounted for most of the loss.
Timeline of the Wind-Down
The Sixth Labour Government established NZGIF in 2019 with $100 million initial capital. It later budgeted an additional $300 million, targeting a $700 million envelope.
The National-led Government announced the wind-down in April 2025. Climate Change Minister Simon Watts said almost $400 million had been invested with very limited results.
Almost $400 million has been invested with very limited results and there are more than 20 other government funds operating with similar objectives to the NZGIF.
The entity shifted to asset management and orderly exits under a revised constitution. Targets included exiting $100 million in commitments and returning $220 million to the Crown.
Performance Against Targets
NZGIF exceeded several wind-down goals by June 2026. It exited $115.8 million in commitments. It returned $228 million in cash and novated deposits.
Headcount fell to three or four full-time equivalents. Only two small technology stakes remained active.
NBR reported cumulative returns to the Crown exceeded $500 million during the process.
Costs and Remuneration Draw Scrutiny
CEO Sarah Minhinnick received $1,510,512 in total remuneration for the 2025-26 year. This compared with $978,979 the prior year.
The entity spent $380,000 on Auckland and Wellington office leases after the wind-down announcement. Board member remuneration totalled $220,286 for 3.5 full-time equivalent roles.
An additional $8.7 million loss arose from the management buyout of electric fleet financier Carbn Group.
Broader Fiscal Context
NZGIF operated as a Schedule 4A company under the Public Finance Act. Shareholding ministers from Finance and Climate Change oversaw it through Treasury monitoring.
The episode highlights risks in concentrated Crown exposures. Minister Watts, in announcing the wind-down, pointed to the more than 20 other government funds pursuing similar objectives and to a strengthening Emissions Trading Scheme as reasons for scaling back dedicated government investment vehicles.
Private capital flows have increased as ETS settings strengthened.
Taxpayers absorbed the realised losses. Capital returns of $228 million partially offset the write-offs, though the deficit and impairment figures remain part of the Crown's record on the fund.
