Overseas investment decision for case 202600380 - Stratford Solar P LP

Consent granted

Section 12(1)(a) and section 13(1)(b) Overseas Investment Act 2005

Establishment of a business and the acquisition of a:

• freehold interest in approximately 102 hectares of land located at 134 East Road, Stratford (Collins Land);
• freehold interest in approximately 77 hectares of land located at 260 East Road, Stratford (Shearer Land);
• freehold interest in approximately 237 hectares of land located at 774–798 Beaconsfield Road, Stratford and 139 East Road, Stratford (Whittington Land); and
• leasehold interest in approximately 48 hectares of land owned by Contact at 167 and 215 East Road, Stratford (Contact Land).

Ian William Shearer and Willdenise Trustees Ltd as trustees of the IW Shearer Family Trust; and Kay Denise Shearer and Willdenise Trustees Ltd as trustees of the KD Shearer Family Trust (Shearer Land Vendor);

Hwitan Tune Holdings Limited (Whittington Land Vendor);

Gerald Frances Collins, Maree Anne Collins and Collins Farms Trustee Company Ltd as trustees of the Gerald and Maree Collins Family Trust (Collins Land Vendor)
100% New Zealand

Contact Energy Limited (Contact Land Vendor)
New Zealand 71%
United States of America 12%
Australia 6%
Various 11%

The Applicant is 50% owned by each of Contact Energy Limited and Lightsource BP Renewable Energy Investments Holdings Limited (Lightsource).

Contact Energy Limited is a New Zealand company conducting business in electricity generation, natural gas and electricity wholesaling. Lightsource is part of the Lightsource group, which is wholly owned by bp. The Lightsource group is involved in solar development.

The Applicant is acquiring approximately 464 hectares of farm land in Stratford currently primarily used for dairy farming operations.

The Applicant intends to establish a 180MWP solar farm on the land.

The main benefits to New Zealand are likely to include:

• capital investment of approximately $Withheld under s9(2)(b)(ii) of the Official Information Act 1982 on development of the solar farm;
• increased productivity of the land; and
• greater energy security and alignment with government policy.

Consent was granted as the Applicant has met the investor test criterion and the investment is likely to benefit New Zealand.