| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 16 September 2024 |
| Pathway | Sensitive land - Farm land benefit test |
| Investment | Acquisition of leasehold interest in approximately 92 hectares at 129 Tutaekara Road, Pahiatua, Tararua |
| Consideration | Withheld under section 9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Tararua Solar Limited France 67% Various 21% Luxembourg 6% Australia 6% |
| Vendor | Energy Bay Limited New Zealand 100% |
| Background | The Applicant is a subsidiary of French listed company Akuo SAS, and its business is the construction, development, and operation of solar photovoltaic farms. The Applicant intends to develop a solar farm on the land with an anticipated installed capacity of 50MWp. Once operational, the energy generation from the solar farm is expected to match the annual load of approximately 10,384 homes. The land is currently used for cattle grazing by the owner. The main benefits to New Zealand are likely to include capital investment and the creation of jobs. The Investment will also contribute to meeting New Zealand’s targets and requirements under the National Policy Statement for Renewable Electricity Generation 2011 and the Emissions Reduction Plan 2024. Consent was granted as the Applicant has met the investor test criterion and the benefit likely to occur as a result of the Investment would result in benefit to New Zealand. |
| More information | Clare O'Shea Anderson Lloyd (Auckland) P O Box 399 Shortland Street Auckland 1140 |