Applicant
Contact Energy Limited
Case number(s)
201020090
Decision date
Type
Decision
DecisionConsent Granted
Section 12(a) Overseas Investment Act 2005
Decision date12 January 2011
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 211.1436 hectares of land at 1450 Mapara Rd Taupo.
Consideration$3,742,000 plus GST
ApplicantContact Energy Limited
Various overseas persons (26.65%)
Unknown Overseas Persons, Various (22.3671%)
Australian Public (21.0182%)
New Zealand Public (14.6446%)
United States Public (6.6232%)
Asian Public (2.9387%)
United Kingdom Public (2.5101%)
Asian Investors, Various (1.41%)
European Public (0.9346%)
European Investors, Various (0.81%)
Middle Eastern Public (0.0935%)
VendorRobert Bruce Lilburn
New Zealand (100%)
Background

The Applicant will purchase to land to acquire geothermal rights that will be used for its existing nearby power stations at Wairakei and Poihipi Road, and the proposed Te Mihi power station. The land will also continue to be used for farming.

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)(ii) – New technology or business skills
17(2)(a)(iv) – Added market competition/productivity

Overseas Investment Regulations 2005
28(a) – Consequential Benefits
28(c) – Affect image, trade or international relations
28(g) – Enhance the viability of other investments

More informationAnne Candland
Buddle Findlay (Wellington)
PO Box 2694
WELLINGTON 6140