| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 27 May 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 417.0816 hectares of land at Kinloch & Nukuhau, Taupo. |
| Consideration | $7,506,000 plus GST (if any) |
| Applicant | Contact Energy Limited Various overseas persons (24.34%) Australian Public (23.8621%) Various, Various (19.0701%) New Zealand Public (16.4894%) United States Public (6.4352%) Asian Public (3.4379%) United Kingdom Public (3.3686%) Asian Investors, Various (1.45%) European Public (0.9689%) European Investors, Various (0.51%) Middle Eastern Public (0.0677%) |
| Vendor | Receivers of Mercury Geotherm Limited (in receivership) and Poihipi Land Limited (in receivership) Auckland Energy Consumer Trust, New Zealand (75.1%) New Zealand Public (23.9%) Various overseas persons (1.0%) |
| Background | The Applicant is acquiring the property in order to support its geothermal power generation activities. In particular, it intends to use the land for geothermal reinjection, to provide greater operational flexibility for the Poihipi Rd power station and wider geothermal energy activities and to support the new Te Mihi power station currently under construction. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Susie Kilty Buddle Findlay (Wellington) PO Box 2694 WELLINGTON 6140 |