| Decision | Consent granted Section 12(1)(a) and 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 5 May 2024 |
| Pathway(s) | Sensitive land - Farm land benefit test and Significant Business Assets |
| Investment | Acquisition of up to 100% shares in Harmony Energy NZ Limited. An overseas investment in sensitive land, being the acquisition of an estate or interest (other than freehold) of up to 35 years in:
|
| Consideration | More than $100m |
| Applicant | First Renewables Power Limited Harmony Energy Limited Harmony Energy NZ Limited |
| Vendors | Tauhei Farms Limited Schuler Brothers Limited |
| Background | Harmony Energy Limited is a UK company engaged in developing renewable and battery energy storage systems in the UK and parts of Europe. Harmony Energy NZ Limited is a joint venture between Harmony Energy Limited and, through First Renewables Power Limited, First Sentier Funds which is managed by First Sentier Investors, a global fund manager which invests in economic infrastructure assets. Harmony Energy Limited intends to develop, construct and operate solar farms across New Zealand. A consent under the Act was previously granted in relation to a solar farm to be located on the Land (Case 202300371), with an anticipated capacity of 200MW, which is enough to power approximately 52,000 homes a year, by 2026. The Land is currently used for dairy and sheep farming, until the development of the solar farm is commenced. First Renewables Power Limited and Harmony Energy Limited have been granted consent to increase their existing interests in Harmony Energy NZ Limited. Harmony Energy NZ Limited has also been granted consent to acquire the Land with a different ownership structure to that which Case 202300371 allows it to. The main benefits to New Zealand are economic benefits as the investment is likely to deliver better energy security; and to ensure the solar farm is developed, constructed and made operational in a timely manner, thus preventing having stranded assets. The investment also aligns with government renewable energy policy. Consent was granted as the Applicants met the investor test criterion and the investment is likely to result in benefit to New Zealand. |
| More information | Glenn Shewan Campbell Stewart |