Applicant
Aquila Capital Holding GmbH & Far North Solar Farm Limited
Case number(s)
202200398
Decision date
Type
Decision
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 30 November 2022
Pathway(s) Sensitive land (Farm land benefit test)
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of leasehold interests of up to 60 years in approximately 31.0853 hectares of land at 64 & 76 Putiki Road and 240 & 246 Western Drain Road, Edgecumbe, Bay of Plenty (the Land)

Consideration $3,735,000
Applicant Aquila Capital Holding GmbH
Germany (60%)
Japan (30.6%)
Various (9.4%)

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

Cornelius Christopher Van Beek
New Zealand 100%

Donald Leslie Brunt, Karen Joy Brunt and BK Trustees Limited, as trustees of the Denny Arthur Family Trust
New Zealand 100%

Everardus Gerardus Jofef Rodewyk and Rosslyn Jane Rodewyk
New Zealand 100%

Background

The Applicants intend to develop a solar farm on the Land with an anticipated installed capacity of 38MWp. Once operational, the energy generation from the solar farm is likely to match the annual load of approximately 5,800 homes and is likely to fill a gap in the solar market by providing locally sourced energy to the Bay of Plenty Region. The individuals involved in the transaction have relevant experience in the renewable energy industry.

The Ministers granted consent as they considered the Applicants to have met the investor test criterion and that the benefit likely to occur as a result of the Investment would result in benefit to New Zealand.

The main benefits to New Zealand include capital investment likely to be in excess of $49 million during development and the creation of at least 36.5 temporary FTE during the construction phase and at least 3 permanent FTE for the ongoing operation of the solar farm. The Investment will also contribute to meeting New Zealand’s targets and requirements under the National Policy Statement for Renewable Electricity Generation 2011 and Climate Change Response (Zero Carbon) Amendment.

More information Pavanie Edirisuriya
DLA Piper New Zealand
PO Box 160
Auckland

See the attached Assessment report linked below, which was published in response to an Official Information Act request:

Aquila Capital Holding GmbH & Far North Solar Power Limited application for the acquisition of a leasehold interest in approximately 31 hectares of land

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