| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 3 November 2022 |
| Pathway(s) | Significant business assets only |
| Investment | Acquisition of 100% of the shares in solarZero Limited by the Applicant’s wholly owned subsidiary, GRP III NZ Bidco Limited |
| Consideration | $110,000,000 (subject to possible adjustments) |
| Applicant | GRP III Regional Holdings Ltd United Kingdom 28.44% United States of America 16.33% Germany 14% Luxembourg 9.25% Japan 6.68% Various 6.59% South Korea 4.26% China, 3.14% Cayman Islands 2.83% Netherlands 2.3% Bermuda 1.99% Canada 1.62% France 1.54% Italy 1.03% |
| Vendor | solarZero Limited New Zealand 100% |
| Background | The Applicant is a limited liability company incorporated in England and Wales to provide investment into renewable power assets, focusing on acquiring solar, wind, EV charging and other renewable power projects. It is part of the BlackRock Group and does not have any past or present business operations in New Zealand. The Applicant has satisfied the investor test. solarZero Limited is a limited liability company incorporated in New Zealand. Its core business is installing solar energy systems into residential, commercial and educational premises. The transaction will take place via a scheme of arrangement under Part 15 of the Companies Act 1993. The existing day-to-day management of solarZero Limited will remain in place following the acquisition. |
| More information | Pavanie Edirisuriya DLA Piper New Zealand PO Box 160 Auckland 1140 |
This assessment report was published as part of an Official Information Act request:
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