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Business

Eastland Generation and Obayashi complete transaction

1 min read

Te Ahi o Maui, Eastland Generation's 26MW geothermal power plant near Kawerau. The sale of 50 per cent of Eastland Generation for more than $250m to Obayashi Corporation is one factor leading to the restructuring of Eastland Group and the departure of long-serving chief executive Matt Todd.

Eastland Generation completed its $250m transaction with Obayashi Corporation this week, with the Japanese company acquiring a 50 per cent stake in the renewable energy company.

The deal was initiated by Eastland Group and its owner Trust Tairāwhiti last year as they sought to raise capital for a “significant pipeline” of renewable generation projects.

Eastland Group chief executive Matt To...

1 comment

commenter avatar
Simin Williams
0
4 May 2024
Considering that much of this growth has been possible through the sale of our electricity network, paid for by generations of Gisborne people, how about $260m from the sale of Eastland Network be transferred to GDC to reduce the huge debt accumulated there that will be a burden for our community for generations to come?! Continued investment in renewable energies is risky and not financially prudent.

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