| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 24 October 2008 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 45.2453 hectares of land at Rakanui Road,Taupo. |
| Consideration | $4,021,809 |
| Applicant | Contact Energy Limited Australia (42.9%) New Zealand (41.4%) United States of America (6.4%) Various (5.4%) United Kingdom (except Isle of Man and the Channel Islands) (3.9%) |
| Vendor | Landcorp Farming Limited New Zealand (100.0%) |
| Background | The Applicant already holds a registered encumbrance and easement over the land and proposes to acquire the land from Landcorp Farming Limited (Landcorp). The encumbrance and easement enables the Applicant to undertake its geothermal operations in the area. The Applicant proposes to acquire the land in order to protect and facilitate development of its geothermal operations. The Applicant proposes to enter into a land sharing arrangement with local farming interests to enable local farmers to use the land surface for grazing for other activities that are compatible with geothermal energy operations. The Applicant may also grant rights to various users of geothermal fluid or heat. 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' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Jessica Heyes Buddle Findlay (Wellington) PO Box 2694 WELLINGTON 6140 |