| 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 | 3 March 2024 |
| Pathway(s) | Sensitive land – Farm land benefit test |
| Investment | Acquisition of a leasehold interest in approximately 89 hectares of land at Withheld under s9(2)(b)(ii) of the Official Information Act 1982 Taranaki. |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Aquila Capital Holding GmbH Far North Solar Farm Limited |
| Vendor | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 New Zealand 100% |
| Background | The Applicants are a joint venture whose business is the construction, development, and operation of solar photovoltaic farms in New Zealand. The Applicants intend to develop a solar farm on the land with an anticipated installed capacity of 66MWp. Once operational, the energy generation from the solar farm is expected to match the annual load of approximately 12,776 homes. The land is currently used as part of a dairy farm operated by the Vendor. The main benefits to New Zealand are likely to include capital investment and the creation of jobs. The Investment will also contribute to meeting New Zealand’s targets and requirements under the National Policy Statement for Renewable Electricity Generation 2011 and the Emissions Reduction Plan 2022. Consent was granted as the Applicants have met the investor test criterion and the benefit likely to occur as a result of the Investment would result in benefit to New Zealand. |
| More information | Pavanie Edirisuriya DLA Piper New Zealand |