Applicant
Aquila Capital SG Holdco Pte. Ltd. and Far North Solar Farm Limited
Case number(s)
202100604
Decision date
Type
Decision
Decision

Consent granted 
Section 12(1)(a) Overseas Investment Act 2005 

Decision maker Toitū Te Whenua Land Information New Zealand 
Decision date 4 August 2022 
Pathway(s) Benefit to New Zealand (Benefit to New Zealand - Farm land) 
Investment Acquisition of a leasehold interest of up to 60 years in 15.8555 hectares of land at [withheld under sections 9(2)(b)(ii) and 9(2)(k) of the Official Information Act 1982]. 
Consideration Withheld under section 9(2)(b)(ii) of the Official Information Act 1982. 
Applicant

Aquila Capital SG Holdco Pte. Ltd.
Germany (58.26%)
Japan (30.02%)
Various (11.72%)

Far North Solar Farm Limited
Australia (70%)
New Zealand (30%) 

Vendor

Withheld under sections 9(2)(b)(ii) and 9(2)(k) of the Official Information Act 1982
New Zealand (100%)

Background

The Applicants intend to develop a solar farm on the land with an anticipated installed capacity of 16MWp. Once operational, the energy generation from the Investment is expected to match the annual load of approximately 200 homes and will result in more reliable summer electricity supply in the region. The individuals involved in the transaction have relevant experience in the renewable energy industry. 

The proposed Investment aligns with significant government renewable energies policy. It will contribute to meeting targets and requirements under the National Policy Statement for Renewable Electricity Generation 2011 and Climate Change Response (Zero Carbon) Amendment Act 2019. It will result in capital investment estimated in excess of $20 million during development and the construction will create a large number of temporary jobs and some ongoing permanent positions. 

The OIO was satisfied that the investors were suitable persons to invest in New Zealand, and that, in relation to one or more of those factors of high relative importance, the benefits of the investment are of a size or nature that represent a substantial benefit to New Zealand. 

More information

Pavanie Edirisuriya 
Counsel for Aquila Capital SG Holdco Pte. Ltd.  
DLA Piper New Zealand  
Level 15, PwC Tower  
15 Customs Street West   
Auckland 1010  
New Zealand   

Michael Shanahan and Campbell Stewart  
Counsel for Far North Solar Farm Limited 
Tompkins Wake 
Shortland & Fort Building 
Level 17, 88 Shortland Street 
Auckland 1010