Today marks a momentous occasion for renewable energy company Eastland Generation as they announce the successful completion of their transaction with Obayashi Corporation (Obayashi).
This pivotal step initiated by shareholder Eastland Group and its owner Trust Tairāwhiti will see Obayashi acquiring a 50% stake in the company, cementing a strong partnership poised to drive sustainable energy and innovation.
Eastland Group Chief Executive Officer Matt Todd said, “Eastland Generation has a strategy to continue to grow its renewable generation portfolio. It needed capital to continue to grow and, ideally, a partner with a strong and complementary capability set – Obayashi provides both.
“The lead up to the capital raise has seen sustained growth with the generation assets having a value of $4 million in 2010, through to 50% being sold to Obayashi at an enterprise value in excess of $500 million in 2024.
“We extend our heartfelt thanks to Forsyth Barr for their instrumental expertise in managing the capital raise process, which played a crucial role in achieving the outcome we had envisioned.
Obayashi is looking forward to starting this new chapter now that the transaction is complete. They are excited about the partnership as it aligns perfectly with their vision and will bring together Eastland Generation’s and Obayashi’s complementary expertise to drive sustainable energy development in New Zealand and beyond.
Eastland Generation Chief Executive Officer Alice Pettigrew said, “Today signifies a big leap forward for our business and with Obayashi’s experience and global reach, we are well-positioned to unlock new opportunities and drive transformative change in the energy sector.
“Together, we will leverage our collective strengths to expand our renewable energy portfolio and contribute to New Zealand’s carbon reduction targets.”
Eastland Generation are currently in the process of constructing TOPP2, a 49MW geothermal power station in Kawerau, which is expected to be commissioned in late 2025.
“We are also in the process of developing and consenting additional renewable generation capacity,” said Ms Pettigrew.
“We are proactively enhancing our capacity of renewable energy generation and aim to increase it to more than 100 MW by 2027.
“This partnership marks a pivotal moment for Aotearoa and will continue to lead the transition towards a cleaner, more sustainable future.”