Obayashi pays $228m for half stake in Eastland Generation

Te Ahi O Maui is a 26MW geothermal power plant on the Kawerau Geothermal Reservoir. (Image: Eastland)

Tue, 21 Nov 2023

Obayashi Corporation's purchase of a 50% stake in New Zealand renewable energy firm Eastland Generation for NZ$228 million is grounded in the Japanese conglomerate's desire to hit carbon neutrality.Gisborne-based Eastland Group announced it had hived off half of its renewable energy interests on Nov 13 as part of a successful capital raise, which was underpinned by an enterprise valuation for those interests of more than $500m. The sale is conditional on Overseas Investment Office approval, which Eastland Group said was expected in...

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