| Decision | Consent Granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision date | 5 October 2023 |
| Pathway | Sensitive Land – Benefit test |
| Investment | An overseas investment in sensitive land, being the acquisition of leasehold interest in approximately 93 hectares of farm land at 126 Lauriston Barrhill Road, Lauriston, Canterbury. |
| Consideration | Withheld under section 9(2)(b)(ii) of the Official Information Act 2005 |
| Applicants | Genesis Energy Limited and FRV NZ1 Limited as partners in an unincorporated joint venture, the Solar-Gen JV, for and on behalf of Lauriston Solar Project (2023) Limited Partnership New Zealand 38% Saudi Arabia 31% Canada 29% Various 2% |
| Vendors | Bernard John Daley, Nicola Anne Daley and Canterbury Trustees (2012) Limited New Zealand 100% |
| Background | Genesis Energy Limited is a NZX-listed energy company ultimately owned by the New Zealand Government and a mix of shareholders. FRV NZ1 is a New Zealand company ultimately owned by private Saudi Arabian investors and Canadian pension fund OMERS AC. The Land is currently used for sheep grazing, wintering of dry stock, and cropping. The Applicants are acquiring the land to develop a solar energy farm with an anticipated installed capacity of 52MW. Once operational, the energy generation from the solar farm is likely to power approximately 10,000 homes. Part of the land will be simultaneously used for sheep grazing. The main benefits to New Zealand include increased capital investment during development, increased jobs, increase of energy supply to the national grid, and the advancement of government’s climate change and renewable energy policies. Consent was granted as the Applicants met the investor test criterion and the investment is likely to result in benefit to New Zealand. The Associate Minister of Finance has decided that the investment is not contrary to New Zealand’s national interest. |
| More information | Ben Paterson Russell McVeagh PO Box 8 Auckland 1140 |
See the attached Assessment report linked below, which was published in response to an Official Information Act request:
Overseas Investment Assessment Reports for SC Oscar Holdings Pte Ltd and Genesis Energy Limited