| Decision | Consent granted Section 12(1)(a) and Section 13(1)(b) 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) and Significant Business Assets |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of leasehold interests of up to 60 years in:
(the Land). |
| Consideration | $8,635,220 |
| Applicant | Aquila Capital Holding GmbH Far North Solar Farm Limited |
| Vendor | Desmond John Gleeson Gregory Terrence Gedson |
| Background | The Applicants intend to develop a solar farm on the Land with an anticipated installed capacity of 81MWp. Once operational, the energy generation from the solar farm is likely to match the annual load of approximately 12,500 homes and is likely to 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 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 $100 million during development and the creation of at least 66.5 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 Act 2019. |
| More information | Pavanie Edirisuriya DLA Piper PO Box 160 Auckland |
See the attached assessment reports linked below, which were published in responses to Official Information Act requests:
- Last updated