Applicant
Contact Energy Limited
Case number(s)
201110029
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date20 April 2011
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 764.1784 hectares of land at 263 & 428 Broadlands Road, Taupo.
ConsiderationCONFIDENTIAL
ApplicantContact Energy Limited
Various overseas persons (26.65%)
Australian Public (23.8479%)
Various, Various (19.0079%)
New Zealand Public (14.629%)
United States Public (6.2338%)
Asian Public (3.4267%)
United Kingdom Public (2.9514%)
Asian Investors, Various (1.41%)
European Public (0.9657%)
European Investors, Various (0.81%)
Middle Eastern Public (0.0675%)
VendorLandcorp Farming Limited
New Zealand (100%)
Background

Contact is acquiring the property in order to support its geothermal power generation activities. The relevant land includes the main steam field area for both the existing Te Huka and new Tauhara Stage Two geothermal power stations.

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
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(iv) – Added efficiency/productivity

Overseas Investment Regulations 2005
28(a) – Consequential Benefits
28(c) – Refusal likely to affect image abroad
28(d) – Owner to undertake other significant investment
28(e) – Previous investments
28(f) – Advance significant government policy or strategy
28(g) – Enhance the viability of previous investments
28(i) – Economic Interests
28(j) – Mitigating Factor

More informationSusie Kilty
Buddle Findlay (Wellington)
PO Box 2694
WELLINGTON 6140