Commemorative Certificate for Capital Tie-up Signed with Eastland Generation in the Presence of New Zealand Prime Minister Luxon

Collaborating to Establish a Renewable Energy Value Chain in New Zealand

Company Profile

OBAYASHI CORPORATION (hereinafter referred to as the "Company," Headquarters: Minato-ku, Tokyo, President and CEO: Kenji Hasuwa) signed a commemorative certificate for the capital tie-up with Eastland Generation (hereinafter referred to as "EG," Headquarters: Gisborne, New Zealand, CEO: Alice Pettigrew), a renewable energy power generation company in New Zealand, on June 19. On April 30 of this year, the Company acquired 50% of EG's shares, making it an equity-method affiliate. The signing ceremony was held in commemoration to strengthen the relationship between the two companies going forward.

New Zealand Prime Minister Christopher Luxon, who was visiting Japan at the time, attended the signing ceremony, which was hosted by the New Zealand Embassy in Japan. Afterwards, the Prime Minister was provided with information on Obayashi Group's renewable energy power generation and hydrogen business initiatives in Japan and overseas, and opinions were shared on the Company's involvement in helping New Zealand to achieve carbon neutrality.

Left to right: Kenji Hasuwa (President and CEO of Obayashi Corporation), Rt. Hon. Christopher Luxon (Prime Minister of New Zealand), Matanuku Mahuika (Director of Eastland Group and Chair of Eastland Generation)

The Obayashi Group has been involved in the renewable energy power generation business since 2012, and it operates solar, onshore/offshore wind, and woody biomass power plants with a total capacity of 270 MW. The addition of EG's geothermal and hydroelectric power plants to the Obayashi Group's portfolio through this partnership will help expand the Group's power generation capacity and further enhance its entire business portfolio.

The Group's financial participation has endorsed EG's financial soundness, which is expected to contribute to steady progress on projects under development. EG will also be able to utilize the Obayashi Group's network, technology, and expertise to capture opportunities for medium to long-term growth.

The Company will, on the other hand, benefit from EG's technology and expertise in geothermal power generation, for the projects undertaken in Japan and for new business opportunities, while in New Zealand, take initiatives to establish a green hydrogen value chain and secure the green electricity required for hydrogen production and export to Japan.

With a focus on renewable energy businesses in the Asia and Oceania region, the Obayashi Group will contribute to realizing carbon neutrality on a global scale.

Comment from New Zealand Prime Minister Christopher Luxon

This partnership between Obayashi Corporation and EG is a great example of how New Zealand and Japanese companies can successfully collaborate and add value to each other through investment and shared knowledge, while delivering strong benefits to our people and our communities and driving better outcomes for our planet.

Comment from Matanuku Mahuika, Chair of Eastland Generation

It was a pivotal step for Obayashi Corporation - which has acquired a 50% stake in Eastland Generation - cementing a strong partnership poised to drive further growth in sustainable energy development and innovation in Aotearoa (New Zealand). The partnership will bring together Eastland Generation's and Obayashi Corporation's complementary expertise to advance sustainable energy development towards a carbon-neutral future.

Green hydrogen value chain in New Zealand (illustration)

Main power plants owned by EG

  • Te Ahi O Maui Geothermal Power Plant

  • Waihi Hydroelectric Power Plant

  • Te Ihi o te Ra Solar Power Plant