| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 4 August 2022 |
| Pathway(s) | Benefit to New Zealand (Benefit to New Zealand - Farm land) |
| Investment | Acquisition of a leasehold interest of up to 60 years in 15.8555 hectares of land at 124 Lamb Road, Kaitaia. |
| Consideration | $8,389,572.20 |
| Applicant | Aquila Capital SG Holdco Pte. Ltd. Far North Solar Farm Limited |
| Vendor | Ngaire Dawn O’Higgins New Zealand (100%) |
| Background | The Applicants intend to develop a solar farm on the land with an anticipated installed capacity of 16MWp. Once operational, the energy generation from the Investment is expected to match the annual load of approximately 200 homes and will result in more reliable summer electricity supply in the region. The individuals involved in the transaction have relevant experience in the renewable energy industry. The proposed Investment aligns with significant government renewable energies policy. It will contribute to meeting targets and requirements under the National Policy Statement for Renewable Electricity Generation 2011 and Climate Change Response (Zero Carbon) Amendment Act 2019. It will result in capital investment estimated in excess of $20 million during development and the construction will create a large number of temporary jobs and some ongoing permanent positions. The OIO was satisfied that the investors were suitable persons to invest in New Zealand, and that, in relation to one or more of those factors of high relative importance, the benefits of the investment are of a size or nature that represent a substantial benefit to New Zealand. |
| More information | Pavanie Edirisuriya Michael Shanahan and Campbell Stewart |
See the attached assessment report linked below, which was published in response to an Official Information Act request:
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