Overseas investment decision for case 202400207 - BP Alternative Energy Investments Limited | Toitū Te Whenua

Applicant: BP Alternative Energy Investments Limited
Case number(s): 202400207
Decision date: 1 Jul 2024
Type: Decision

Decision	Consent granted Section 12(1)(b) Overseas Investment Act 2005
Decision maker	Toitū Te Whenua Land Information New Zealand
Decision date	1 July 2024
Pathway	Sensitive land - Farm land benefit test
Investment	Acquisition up to 100% of the shares in Lightsource BP Renewable Energy Investments Holdings Limited (LSbp Holdings) which holds an indirect leasehold interest in approximately 295 hectares of land adjacent to Christchurch Airport.
Consideration	Withheld under section 9(2)(b)(ii) of the Official Information Act 1982
Applicant	BP Alternative Energy Investments Limited United States of America 47% United Kingdom 27% Europe 18% Asia Pacific region 5% Various 3%
Vendors of the shares	Paul McCartie, Nicholas Thomson Boyle and Kareen Boutonnat and JTC Employee Solutions Trustees Limited as trustee for Lightsource Renewable Energy Investments Employee Benefit Trust United Kingdom 100%
Background	The Applicant is ultimately owned by BP p.l.c, an energy company. The Applicant is increasing its shareholding in LSbp Holdings from approximately 50% to 100%. LSbp Holdings holds an indirect 50% interest in Kōwhai P Park Limited Partnership (Kōwhai Park) which was granted consent to acquire leasehold interests in, and develop a 170MWp solar farm, on the land. It is projected to be the second largest solar farm in New Zealand. Consent was granted for Kōwhai Park to acquire the land under Case 202300490. The main benefits to New Zealand are likely to include capital expenditure, job creation, and advancement of government policies for renewable energy. Consent was granted as the Applicant met the investor test criterion and the investment is likely to benefit New Zealand.
More information	Tara Wylie Simpson Grierson Private Bag 92518 AUCKLAND 1141

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