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.
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.