| Decision | Consent granted Section 12(1)(a) and Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 18 December 2025 |
| Pathways | Sensitive land – Residential land development (one-off) Significant Business Assets National interest assessment |
| Investment | Acquisition of 100% of the shares in First Sunrise Bidco Limited and a freehold interest in approximately 0.2746 hectares on Carnarvon Street contained in record of title GS4A/1454. |
| Consideration | Withheld under section 9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Powerco Limited Australia 97% Various 3% |
| Vendor | First Gas Midco Limited Australia 50% Canada 26% Japan 14% United States of America 7% Various 3% |
| Background | The Applicant is an electricity and gas distribution company operating throughout the North Island, and is wholly owned by Powerco NZ Holdings Limited. First Sunrise Bidco Limited wholly-owns Firstlight Network Limited, which is an electricity lines company that operates the lines in Tairāwhiti and Wairoa regions. The Applicant intends to continue to own and maintain the poles, wires and underground cabling used by electricity retailers to supply customers with electricity. The Applicant intends to use the land for non-residential purposes, keeping it vacant. Consent was granted as the Applicant has met the investor test and non-residential use criterion. The Minister of Finance has decided that the investment is not contrary to New Zealand’s national interest. |
| More information | Tom Jemson Chapman Tripp (Wellington) PO Box 993 Wellington 6140 |