Powerco Limited

Decision	Consent granted Section 12(a) Overseas Investment Act 2005
Decision date	23 November 2011
Investment	An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 13.4261 hectares of land at 661 Kopu-Hikau Road, Kopu.
Consideration	$492,000
Applicant	Powerco Limited QIC Limited, Australia (58.0%) Prime Infrastructure Group, Australia (42.0%), owned by Brookfield Infrastructure Group, US
Vendor	Justine Singing Moon New Zealand (100%)
Background	The Applicant seeks retrospective consent for the acquisition of land used for the establishment of a new electricity line between the Kopu Grid Exit Point and the Kauaeranga Valley. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 17(2)(a)(i) – Creation/Retention of jobs 17(2)(a)(iv) – Added market competition/productivity 17(2)(a)(v) – Additional investment for development purposes 17(2)(b) – Indigenous Vegetation/Fauna Overseas Investment Regulations 2005 28(a) – Consequential Benefits 28(e) – Previous investments
More information	Bradley Kidd Chapman Tripp (Wellington) PO Box 993 WELLINGTON 6140

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