Scoop has an Ethical Paywall
License needed for work use Register

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Chapman Tripp Advises Eastland Group On Sale Of 50% Stake In Eastland Generation

Eastland Group has sold a 50% stake in its electricity generation business to Japanese construction conglomerate Obayashi Corporation.

Chapman Tripp advised long time client Eastland Group on all aspects of the sale including structuring, vendor due diligence, regulatory matters, and negotiation of transaction documentation with multiple bidders. The core transaction team included Partners Tim Tubman, Lauren Curtayne, Cathryn Barber, Tessa Baker, Hamish Bolland and Kylie Mutch
Emma Bowman, Jeryl-Lynn Govender and Thomas Paterson also provided support.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

Partner, Tim Tubman said, "Having helped Eastland Group sell its network business last year, we are pleased to have assisted Eastland secure a 50% investor into its generation business. This is a significant step to support Eastland Group’s goal to achieve 100MW of renewable generation by 2027, and New Zealand’s long-term target of 100% of our electricity being produced from renewable sources."

Eastland Generation has a diverse portfolio of renewable energy plants in New Zealand's North Island, with particular expertise in geothermal and hydro generation and a newly commissioned solar farm. Capital raised from the transaction will help fund construction of Eastland Generation's strong pipeline of renewable generation projects, including the TOPP2 geothermal project at Kawerau.

Completion of the transaction is conditional on approval of the New Zealand Overseas Investment Office. The sale follows Eastland Group's 100% sale of Eastland Network to Firstgas Group in 2022, which Chapman Tripp also advised on.

The sale was managed by Forsyth Barr. Obayashi Corporation was represented by Tompkins Wake.

© Scoop Media

Advertisement - scroll to continue reading
Business Headlines | Sci-Tech Headlines

FMA: MAS To Pay $2.1M Penalty For Making False Representations

Following proceedings brought by the FMA, MAS has been ordered to pay a $2.1M penalty for making false and/or misleading representations to some customers. MAS admitted failing to correctly apply multi-policy discounts and no claims bonus discounts to some customers, failing to correctly apply inflation adjustments on some customer policies, and miscalculating benefit payments. More

IAG: Call On New Government To Prioritise Flood Resilience

The economic toll of our summer of storms continues to mount, with insurance payouts now topping $1B, second only to the Christchurch earthquakes. AMI, State, & NZI have released the latest Wild Weather Tracker, which reveals 51,000 claims for the North Island floods & Cyclone Gabrielle, of which 99% (motor), 97% (contents), and 93% (home) of claims have now been settled. More


Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.