Overseas investment decision for case 202100179 - PISA Obligor Co 1 Pty Ltd

The Applicant is a wholly-owned subsidiary of Powering Australian Renewables, a dedicated renewable energy investor, owner, and asset manager based in Australia.

The Applicant is part of a consortium with Mercury NZ Limited (“Mercury”) to acquire all of shares in Tilt Renewables Limited (“Tilt”). The transaction involves Mercury acquiring (via a subsidiary) the shares in Tilt’s New Zealand subsidiaries that hold the New Zealand business. Following this, the Applicant will acquire all of the shares in Tilt, whose only assets will be the Australian business. The Applicant will not acquire any New Zealand operating assets or rights (except for any residual rights or interests that will be resolved post implementation). Tilt does not have any interest in any sensitive land.

The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment.

The transaction is of national interest as it involves a strategically important business (as an electricity generator) and non-New Zealand government investors acquiring an ownership or control interest in Tilt (under s20A of the Overseas Investment Act 2005). The ‘non-New Zealand governments’ are the Commonwealth of Australia and the Queensland Government.