| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision date | 30 November 2022 |
| Pathway(s) | Sensitive land (Farm land benefit test) |
| Investment |
An overseas investment in sensitive land, being the Applicant's acquisition of leasehold interests of up to 60 years in approximately 31.0853 hectares of land at 64 & 76 Putiki Road and 240 & 246 Western Drain Road, Edgecumbe, Bay of Plenty (the Land) |
| Consideration | $3,735,000 |
| Applicant | Aquila Capital Holding GmbH Germany (60%) Japan (30.6%) Various (9.4%) Far North Solar Farm Limited Australia (70%) New Zealand (30%) |
| Vendors |
Cornelius Christopher Van Beek Donald Leslie Brunt, Karen Joy Brunt and BK Trustees Limited, as trustees of the Denny Arthur Family Trust Everardus Gerardus Jofef Rodewyk and Rosslyn Jane Rodewyk |
| Background |
The Applicants intend to develop a solar farm on the Land with an anticipated installed capacity of 38MWp. Once operational, the energy generation from the solar farm is likely to match the annual load of approximately 5,800 homes and is likely to fill a gap in the solar market by providing locally sourced energy to the Bay of Plenty Region. The individuals involved in the transaction have relevant experience in the renewable energy industry. The Ministers granted consent as they considered the Applicants to have met the investor test criterion and that the benefit likely to occur as a result of the Investment would result in benefit to New Zealand. The main benefits to New Zealand include capital investment likely to be in excess of $49 million during development and the creation of at least 36.5 temporary FTE during the construction phase and at least 3 permanent FTE for the ongoing operation of the solar farm. The Investment will also contribute to meeting New Zealand’s targets and requirements under the National Policy Statement for Renewable Electricity Generation 2011 and Climate Change Response (Zero Carbon) Amendment. |
| More information | Pavanie Edirisuriya DLA Piper New Zealand PO Box 160 Auckland |
See the attached Assessment report linked below, which was published in response to an Official Information Act request:
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