Applicant
GRP III Regional Holdings Ltd
Case number(s)
202200407
Decision date
Type
Decision
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 / Asset value Withheld under section 9(2)(b)(ii) of the Official Information Act 1982
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