| 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 |