| Decision | Consent granted retrospectively Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 23 November 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 13.4261 hectares of land at 661 Kopu-Hikau Road, Kopu. |
| Consideration | $492,000 |
| Applicant | Powerco Limited QIC Limited, Australia (58.0%) Prime Infrastructure Group, Australia (42.0%), owned by Brookfield Infrastructure Group, US |
| Vendor | Justine Singing Moon New Zealand (100%) |
| Background | The Applicant seeks retrospective consent for the acquisition of land used for the establishment of a new electricity line between the Kopu Grid Exit Point and the Kauaeranga Valley. 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 Overseas Investment Regulations 2005 |
| More information | Bradley Kidd Chapman Tripp (Wellington) PO Box 993 WELLINGTON 6140 |
| Retrospective penalty | $7,500.00 |