| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision date | 12 March 2024 |
| Pathway(s) | Sensitive land - Farm land benefit test |
| Investment | Acquisition of a leasehold interest in approximately 38.027 hectares of land located at 326 Whales Line, Marton, 4789. |
| Consideration | $12,929,112 |
| Applicant | Aquila Capital Holding GmbH Far North Solar Farm Limited |
| Vendor | John Robert Mayo as to a ½ share and John Robert Mayo, Elton Dyer Mayo and John Colin Furness as to a ½ share as executors for the Estate of Carol Stefanie Mayo. |
| Background | The Applicants are a joint venture whose business is the construction, development, and operation of several solar photovoltaic farms in New Zealand. The Applicants are acquiring the land to develop a solar farm with an anticipated installed capacity of 41 MWp, which is enough to power approximately 7,261 homes a year, by 2026. The main benefits to New Zealand are capital expenditure on the solar farm, creation of jobs, better energy security, and alignment with government policy. Consent was granted as the Applicants have met the investor test criterion and the investment is likely to benefit New Zealand. |
| More information | Pavanie Edirisuriya DLA Piper New Zealand Level 15, PwC Tower 15 Customs Street West Auckland Central Auckland 1010 New Zealand |
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