| Decision | Consent granted Sections 12(1)(b)(i) and 13(1)(a) of the Act |
|---|---|
| Decision maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision date | 18 March 2024 |
| Pathway(s) | Sensitive land - Benefit test Significant business assets |
| Investment | Acquisition of 50% of the shares in Eastland Generation Limited (Target), which together with its subsidiaries owns (or intends to own) sensitive freehold and leasehold land located around Gisborne, Kawerau and Rotorua. |
| Consideration | Approximately $230,000,000 (subject to adjustment) |
| Applicant | Obayashi Clean Energy New Zealand Limited Japan 64% United States 15% United Kingdom 13% Various 8% |
| Vendor | Eastland Group Limited New Zealand 100% |
| Background | The Applicant is ultimately majority owned by Obayashi Corporation, a major publicly listed Japanese construction company which specialises in construction, real estate, green energy, and a wide range of other business initiatives. The Applicant was granted consent to acquire a 50% interest in the Target, which is the owner and operator of three existing geothermal plants, one hydro dam, and Gisborne’s first utility scale solar farm which has just become operational. Consent was also granted for the Target and certain subsidiaries of the Target (upon becoming overseas persons) to acquire future interests in sensitive land for the purpose of two new energy generation plants which are currently being developed or considered. The Vendor is currently owned by Trust Tairāwhiti (formerly known as the Eastland Community Trust). The Vendor will retain the other 50% of the shares in the Target. The key benefits likely to occur as a result of the investment include economic, environmental and consequential benefits through the continued operation, improvement and expansion of renewable energy infrastructure in the Tairāwhiti/Gisborne region. |
| More information | Campbell Stewart Tompkins Wake PO Box 258 Hamilton 3240 |