| Decision number | 200620030 |
|---|---|
| Application number | 200620023 |
| Date | 15 August 2006 |
| Offeror/applicant | TrustPower Limited |
| Ultimate applicant beneficial ownership | 35.18 percent - New Zealand, Infratil Limited 28.56 percent - New Zealand, Tauranga Energy Consumers Trust 23.77 percent - United States of America, Alliant Energy Corporation 12.49 percent - New Zealand, New Zealand Public |
| Beneficial overseas ownership | |
| - Asset current | 100 percent |
| - Asset proposed | 23.77 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Speirs (Harry) of United Kingdom |
| Business activities | Electricity, Gas & Water Supply - Electricity & Gas Supply |
| Details of land involved | 16.9 hectares of freehold situated at Kaimata, Grey District, West Coast being CT 336563 (Westland Registry). |
| Regions involved | West Coast |
| Total consideration | CONFIDENTIAL |
| Consent Sought | To acquire an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. The Applicant (TrustPower) proposes to acquire the subject land as part of the development of the Arnold Valley Hydro-electric Power Scheme (Arnold Valley Scheme), which will comprise a new intake dam, canal, flumes, head pond, regulation pond, and a power station, situated at the Arnold River on the West Coast of the South Island. TrustPower currently owns and operates an existing hydro-electric power station on the Arnold River, which will be decommissioned and demolished following construction of the Arnold Valley Scheme. The subject property is integral to the Arnold Valley Scheme with one of the canals required for the Arnold Valley Scheme to be built through the land. Following the acquisition of the land TrustPower proposes to rent out the dwelling located on the land as a lifestyle property until construction of the Arnold Valley Scheme commences which could be in up to 7 years time. Following construction of the scheme it is likely that the portion of the subject property not required as part of the scheme will be on sold. The Arnold Valley Hydro-electric Power Scheme proposal is likely to result in the following benefits:
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| Contact | Contact Joe Windmeyer Russell McVeagh PO Box 8 AUCKLAND |