The art of green transition

Solutions lie in a delicate balance, says CFO Ollie O’Neill FCCA, who, along with accounting manager Paresh Prabhu FCCA, is steering the financial pathway forward at Northpower. The company is a New Zealand-based energy infrastructure business pioneering new technologies in a country that leads much of the world in decarbonising its power grid.

Rich in renewables

In terms of the green energy space, New Zealand enjoys many natural advantages, including a strong renewable resource base. With around 90% of the country’s power already generated from renewable sources – primarily hydropower, geothermal, wind and solar – the nation is well on track to meet its goals of 100% renewable energy by 2030 and net-zero emissions by 2050.

Collaborative will notwithstanding, the transition to green energy requires the ability to generate power when the wind doesn’t blow, the sun doesn’t shine or rain doesn’t fall. ‘We plan for those contingencies through a mix of hydro storage, flexible backup generation and, increasingly, new technologies such as large-scale batteries and smart demand management,’ O’Neill explains. ‘The next step is broadening our energy mix – more wind, solar and other renewable fuels – so we’re not reliant on any one source or weather pattern. The goal is a reliable, affordable transition to 100% renewable power, built on resilience as much as ambition.’

The biggest challenge in financing the national ambition is matching the scale and timing of investment with both affordability and reliability, he continues. ‘Building new renewable capacity, whether wind, solar, geothermal or storage, is capital-intensive and often front-loaded, while the returns flow over decades. That means access to long-term, low-cost finance is critical.

‘We’re also navigating the balance between capital expenditure on new assets and ongoing operational costs – for example, maintaining flexibility in the grid or investing in digital systems that optimise generation and demand. At the same time, we have to ensure these investments don’t drive up energy prices for households and businesses.’

Green finance tools

As finance leaders, it’s within O’Neill and Prabhu’s remit to structure partnerships and funding models that share risk, using green financing tools like green and sustainability-linked loans, and ensuring transparent pricing and forecasting so the investment pipeline remains predictable. ‘It’s about creating financial frameworks that make the transition bankable, keeping the system stable and ensuring affordability for consumers while building a cleaner, more resilient energy future,’ says O’Neill.

Though ambitious, such targets are achievable with the right mix of investment, policy certainty and innovation, the colleagues agree. ‘The last step towards New Zealand reaching 100% renewables is challenging, but not out of reach. The real test lies in maintaining reliability and affordability as we replace fossil fuels and expand the grid to support electrification of transport and industry.

‘If government, investors and industry keep working in step to scale new technologies such as batteries, while strengthening transmission and distribution networks, then the targets are absolutely achievable. It will take coordination and realism, but New Zealand is better placed than most countries to make it happen,’ says Prabhu.

Northpower, which started as an electricity distribution business in 1930s, has itself transformed into an integrated infrastructure company that operates in the energy construction, hydro and solar generation and fibre network sectors. A milestone was its December 2024 completion of one of New Zealand’s first large-scale community-owned solar farms. The aim of the community ownership model, says Prabhu, is to ensure that critical infrastructure assets remain locally controlled and aligned with community interests.

‘It’s a great time to be working in the renewable space. The gains that you see are quite tangible,’ he adds. ‘Under Ollie’s leadership, the vision of building Northpower’s first grid-scale solar farm became a reality, and it’s satisfying to see the farm generating power.’

Professional passport

Prabhu and O’Neill’s ACCA journeys are similar: both wanted a qualification that is globally recognised and truly portable – an asset invaluable in an increasingly global profession, where business decisions have global implications.

‘I also saw ACCA as more than just an accounting qualification; it’s a network,’ O’Neill says. ‘The global ACCA community is incredibly strong, connecting professionals across industries and countries, and providing continuous learning and career opportunities.’

Prabhu says: ‘Earning the ACCA qualification opened doors for me professionally, becoming a gateway to working with international organisations. The ACCA member network and its extensive resources have been instrumental in supporting my ongoing professional development, helping me stay current and connected in a dynamic industry.’

Beyond traditional accounting and finance, the ACCA syllabus places emphasis on sustainability reporting, ethics, risk management and strategic thinking — all critical skills in fields such as carbon neutrality and green investment. ‘ACCA equips students to understand the financial implications of environmental and social decisions, not just the numbers on the balance sheet,’ O’Neill says. ‘In that sense, it’s a qualification designed for the modern economy, where finance leaders are central to driving sustainability as well as profitability.’