| Decision number | 200620065 |
|---|---|
| Application number | 200520109/200620099 |
| Date | 25 October 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) | Dunedin City Council of New Zealand |
| Business activities | Electricity, Gas & Water Supply - Electricity & Gas Supply |
| Details of land involved | 30 hectares of leasehold situated at Eldorado Track, Mahinerangi being part CTs 163047 and OT13C/300 (Otago Registry). |
| Regions involved | Otago |
| Total consideration | $1 |
| 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. TrustPower currently owns and operates the Waipori Hydroelectric Power Scheme (Waipori) situated 60 kilometres southwest of Dunedin. Waipori comprises a network of four dams and power station on the Waipori River and produces 190 giga watt hours (GWh) of electricity per annum. Waipori uses water principally from the Deep Stream and Upper Waipori River catchments. The principal storage for Waipori is Lake Mahinerangi, an artificial lake formed by the construction of a 34 metre high concrete arch dam. In August 2005, TrustPower received consent (refer A200520010/D200520024) to acquire 854.0580 hectares of land as part of TrustPower's proposed Deep Stream Enhancement Project to increase electricity generation. The Deep Stream Enhancement Project is likely to provide further electricity generation of approximately 23 GWh per annum. This application is to lease approximately 30 hectares from the Dunedin City Council for the purposes of constructing a reservoir for the Deep Stream Enhancement Project. The Deep Stream Enhancement Project proposal is likely to result in the following benefits:
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| Contact | Jacintha Tan Minter Ellison PO Box 3798 AUCKLAND |