Applicant
Powerco Limited
Case number(s)
201120005
Decision date
Type
Decision
DecisionConsent granted retrospectively
Section 12(a) Overseas Investment Act 2005
Decision date23 November 2011
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 46.7400 hectares of land at 157 Kaimarama Road, Whitianga.
Consideration$405,000
ApplicantPowerco Limited
QIC Limited, Australia (58.0%)
Prime Infrastructure Group, Australia (42.0%), owned by Brookfield Infrastructure Group, US
VendorIan Noel Meredith & Dorothy Elizabeth Meredith
New Zealand (100%)
Background

The Applicant seeks retrospective consent for the acquisition of land used for the establishment of a new electricity line between Coroglen switching station and Kaimarama.

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 market competition/productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(b) – Indigenous Vegetation/Fauna

Overseas Investment Regulations 2005
28(a) – Consequential Benefits
28(e) – Previous investments

More informationBradley Kidd
Chapman Tripp (Wellington)
PO Box 993
WELLINGTON 6140
Retrospective penalty$7,500.00