| Decision | Consent granted Sections 13(1)(b) and 12(1) Overseas Investment Act 2005 |
|---|---|
| Decision maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision date | 28 February 2024 |
| Pathway(s) | Significant Business Assets and Sensitive land – farm land benefit test |
| Investment | Establishment of a business to develop, construct and operate solar farms for electricity generation. An overseas investment in sensitive land, being the acquisition of an estate or interest other than freehold of up to 35 years in:
|
| Consideration | Withheld under section 9(2)(b)(ii) of the Official Information Act 2005 |
| Applicants | Harmony Energy Limited Harmony Energy NZ Limited |
| Vendors | Tauhei Farms Limited Schuler Brothers Limited |
| Background | Harmony Energy Limited is a UK company engaged in developing renewable and battery energy storage systems in the UK and parts of Europe. Harmony Energy NZ Limited is a joint venture between Harmony Energy Limited and by First Sentier Funds which is managed by First Sentier Investors, a global fund manager which invests in economic infrastructure assets such as waste management, energy, water and chemical storage facilities as well as transport and telecommunication networks in OECD countries. Through various project entities like Harmony Energy NZ Limited, Harmony Energy Limited intends to develop, construct and operate solar farms across New Zealand. The first solar farm is to be located on the Land. It has an anticipated capacity of 200MW, which is enough to power approximately 154,800 homes a year, by 2026. The Land is currently used for dairy and sheep farming. The key benefits from this investment include expenditure of at least $330 million on the solar farm, creation of a number of temporary jobs during the construction phase of the solar farm and a small net increase in permanent full time equivalent to operate the solar farm, better energy security, alignment with government policy, and some environmental benefits. Consent was granted as the Applicants met the investor test criterion and the investment is likely to result in benefit to New Zealand. |
| More information | Campbell Stewart Tompkins Wake PO Box 258 DX GP20031 Hamilton 3240 |