Te Ahi O Maui geothermal energy plant by Eastland Group, New Zealand (supply: Eastland Group)
NZ-based renewable power firm Eastland Technology has introduced the profitable sale of fifty% of the corporate to Japanese Obayashi Company.
New Zealand-based renewable power firm Eastland Technology has introduced the profitable completion of their transaction with Japanese building agency Obayashi Company (Obayashi). With this, Obayashi has acquired a 50% stake Eastland Technology, cementing a powerful partnership that goals to drive sustainable power and innovation.
In mid 2023, Eastland Technology introduced a strategic capital increase to assist fund the growth of its renewable era portfolio in New Zealand. Moreover, it sought to faucet into the experience and capabilities essential to expedite these tasks and capitalize on different recognized alternatives.
Earlier than the top of 2023, Eastland Technology introduced a profitable capital increase spherical by the sale of the corporate’s 50% curiosity to Obayashi. For his or her half, Obayashi is trying ahead to this new chapter and are enthusiastic about this partnership because it aligns with their imaginative and prescient. The partnership will convey collectively Eastland Technology’s and Obayashi’s complementary experience to drive sustainable power improvement in New Zealand and past.
“Eastland Technology has a technique to proceed to develop its renewable era portfolio. It wanted capital to proceed to develop and, ideally, a accomplice with a powerful and complementary functionality set – Obayashi supplies each,” mentioned Matt Todd, CEO of Eastland Group. “The lead as much as the capital increase has seen sustained development with the era property having a worth of $4 million in 2010, by way of to 50% being bought to Obayashi at an enterprise worth in extra of $500 million in 2024.”
Eastland Technology Chief Govt Officer Alice Pettigrew added, “Immediately signifies a giant leap ahead for our enterprise and with Obayashi’s expertise and international attain, we’re well-positioned to unlock new alternatives and drive transformative change within the power sector. Collectively, we are going to leverage our collective strengths to increase our renewable power portfolio and contribute to New Zealand’s carbon discount targets.”
“We’re additionally within the strategy of creating and consenting further renewable era capability. We’re proactively enhancing our capability of renewable power era and purpose to extend it to greater than 100 MW by 2027.”
Eastland Technology are at the moment within the strategy of setting up TOPP2, a 49MW geothermal energy station in Kawerau, which is anticipated to be commissioned in late 2025.
Supply: Electronic mail correspondence
