| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | The Minister for Land Information and Associate Minister of Finance |
| Decision date | 30 November 2022 |
| Pathway(s) | Sensitive land (benefit test) |
| Investment | An overseas investment in sensitive land, being the Applicant’s acquisition of a leasehold interest of up to 60 years in approximately 39.8895 hectares of land off Bergin Road Foxton, Horowhenua. (the Land) |
| Consideration | $2,490,000 |
| Applicant | Aquila Capital Holding GmbH Far North Solar Farm Limited |
| Vendor | Levin Logging Co Limited (Jon Grant Crighton and Denise Jill Baillie) New Zealand (100%) |
| Background | The Applicants intend to develop a solar farm on the Land with an anticipated installed capacity of 39MWp. Once operational, the energy generation from the solar farm is expected to match the annual load of approximately 6,100 homes and is likely to be enough to match the electricity demand 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 $50 million during development and the creation of at least 41.5 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