| Decision | Consent granted Section 12(1)(a) and Section 13(1)(b) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 8 July 2024 |
| Pathway(s) | Sensitive land - Farm land benefit test and Significant Business Assets |
| Investment | Acquisition of a leasehold interest of up to 50 years in approximately 10 hectares of land at State Highway 34 Kawerau and establishment of a biofuel plant |
| Consideration | At least $267,000,000 |
| Applicant | Foresta Group Holdings Limited Australia 70% New Zealand 29% Various 1% |
| Vendor | Putauaki Trust New Zealand 100% |
| Background | The Applicant is an Australian listed business that has historically manufactured biofuel, in Australia. The land is currently used for grazing to support a dairy farm. The Applicant will use the land to develop and operate a plant that produces biofuel from pine. The plant will produce up to 690 tonnes of processed wood pellets and 150 tonnes of biochemicals, per day. The main benefits to New Zealand are likely to include significant capital investment and export receipts and the creation of jobs in a district experiencing high unemployment. Consent was granted as the Applicant has met the investor test criterion and the investment is likely to benefit New Zealand. |
| More information | Campbell Stewart / Briar Shaw Tompkins Wake PO Box 258 HAMILTON |