Overseas investment decision for case 202400450 - Glorit Solar P LP | Toitū Te Whenua

Applicant: Glorit Solar P LP
Case number(s): 202400450
Decision date: 27 Aug 2024
Type: Decision

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	27 August 2024
Pathways	Sensitive land – Benefit test Significant Business Assets
Investment	An overseas investment in sensitive New Zealand assets, being: the establishment of a business to develop, construct and operate a solar farm for electricity generation a freehold interest in approximately 253 hectares of land located at 146 Omaumau Road, Glorit, Auckland a leasehold interest in approximately 53 hectares of land at 2791 Kaipara Coast Highway, Glorit, Auckland.
Cost of Commencing Business	Withheld under section 9(2)(b)(ii) of the Official Information Act 1982
Applicant	Glorit Solar P LP New Zealand 36% United Kingdom 31% United States of America 17% Various 16%
Vendors	W-G Dairies Limited New Zealand 100% Manaia Properties Limited New Zealand 100%
Background	The Applicant is ultimately owned by Contact Energy Limited and Lightsource BP Renewable Energy Investments Limited Holdings in equal parts. The land is currently used for dairy, beef and sheep farming. The Applicant intends to develop a 180MWp solar farm on the land, consisting of approximately 280,000 solar panels. The solar farm has the capacity to meet the energy needs of 44,000 homes annually. The main benefits to New Zealand are likely to include capital expenditure, creation of significant contract jobs to develop and construct the solar farm, and advancement of government policy by supporting renewable energy generation objectives. Consent was granted to this investment as the Applicant met the investor test criterion and the investment is likely to benefit New Zealand
More information	Susie Kilty Buddle Findlay (Wellington) PO Box 2694 WELLINGTON 6140

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