| Decision number | 200610044 |
|---|---|
| Application number | 200610075 |
| Date | 27 April 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 | 0 percent |
| - Asset proposed | 23.77 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Morgan (Dennis Barry and Linda Adele) of New Zealand |
| Business activities | Agriculture - Native Bush |
| Details of land involved | 116.112 hectares of freehold situated at 33 Station Road, Rotumanu, West Coast being CTs WS8B/695 and WS5B/1130 (Westland Registry). |
| Regions involved | West Coast |
| Total consideration | $1,237,500 |
| 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 being acquired to facilitate a "land-swap" transaction. TrustPower is proposing to acquire 94.36 hectares of land situated at which will be the subject of a separate application. The 94.36 hectares of land is integral to the Arnold Valley Scheme. The owners of the 94.36 hectare property have advised TrustPower that they wish to receive an equivalent property situated on the West Coast in return for any sale to TrustPower. It has been agreed that TrustPower will acquire the land and arrange for the land to be tenanted until such time as TrustPower will exercise an option (during a five year timeframe) to acquire the 94.36 hectares of land. The Arnold Valley Hydro-electric Power Scheme proposal is likely to result in the following benefits:
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| Contact | Joe Windmeyer Russell McVeagh PO Box 8 AUCKLAND |