Decision Summary - TrustPower Ltd
| Decision number | 200620055 |
|---|---|
| Application number | 200620073 |
| Date | 6 October 2006 |
| Offeror/applicant | TrustPower Ltd |
| Ultimate applicant beneficial ownership | 35.18 percent - New Zealand, Infratil Limited 28.56 percent - New Zealand, Tauranga Energy Consumers Trust 23.77 percent - United States of America, Alliant Energy Corporation Inc 12.49 percent - New Zealand, New Zealand Public |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 23.77 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Hartman (Karl Matthew and Angela Crabb) of New Zealand |
| Business activities | Electricity, Gas & Water Supply - Electricity & Gas Supply |
| Details of land involved | 15.739 hectares of freehold situated at 177 Forest Hill Road, Aokautere, Palmerston North. being CT WN40C/887 (Wellington Registry). |
| Regions involved | Manawatu |
| Total consideration | CONFIDENTIAL |
| Consent sought | To acquire an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area. |
| Rationale |
The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. The Applicant (TrustPower) proposes to acquire the subject land as part of the establishment of the Tararua Wind Farm extension and a new 220 kV transmission line. As part of Tararua Wind Farm extension, TrustPower was granted consent by the Palmerston North City Council to erect a new 220kV overhead transmission line connecting a proposed substation on the wind farm site with an existing Transpower 220kV line. Due to operational and land access reasons, the consent was varied resulting in the proposed transmission line being located closer to the subject land. CONFIDENTIAL The proposal is likely to give effect to TrustPower establishing the Tararua Wind Farm extension and the new transmission line. The establishment of the transmission line is of critical importance to the Tararua Wind Farm extension which is likely to result in the following benefits:
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| Contact | Jason Welsh/Jacintha Tan Minter Ellison PO Box 3798 AUCKLAND |
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