Obayashi Corporation (Head Office: Minato-ku, Tokyo; President: Toshimi Sato) announces that the geothermal power plant TOPP2 (with a generating capacity of 49 MW), developed by Eastland Generation Limited (hereinafter "EG"; Location: Kawerau, New Zealand; CEO: Alice Pettigrew), a renewable energy power generation company in New Zealand in which our group has invested, commenced operations, and an opening ceremony was held on March 20, 2026.

TOPP2 is a geothermal power plant contributing to the further expansion of New Zealand's renewable energy sources. It will serve as critical infrastructure supporting the country's energy transition by providing a stable supply of renewable electricity. With the plant's opening, EG has expanded its total generating capacity from 69 MW to 118 MW, aiming to further strengthen its business foundation through long-term power sales contracts with enterprises and a stable supply to the electricity market.

The opening ceremony was attended by key New Zealand government figures, including Hon Todd McClay, Minister for Trade and Investment, alongside business partners such as Ngāti Tūwharetoa Geothermal Assets Limited (Location: Kawerau, New Zealand; Representative: Mark Trigg), a company that manages geothermal resources in the Kawerau reservoir based on the principle of kaitiakitanga(*1), and supplies geothermal steam to TOPP2. This project is not merely an energy development project but a sustainable development model that utilizes Maori land and resources.

Obayashi Corporation has positioned the creation and expansion of businesses that contribute to the realization of a decarbonized society as an important management issue in its Obayashi Sustainability Vision 2050. The green energy business has a strong affinity with the construction and engineering business and is a value-chain growth field that integrates everything from energy supply to business operations.

Through its involvement in geothermal power generation projects, including TOPP2, Obayashi will accumulate expertise in operating renewable energy projects overseas and apply this to geothermal power generation projects currently under development in Japan. Furthermore, by securing the electricity required for green hydrogen production, Obayashi aims to create strategic value, such as building a value chain that includes future exports of green hydrogen to Japan.

Since investing in EG, Obayashi Corporation has supported the company's medium- to long-term business growth by combining EG's technical knowledge of geothermal power generation with its own engineering expertise and networks cultivated both in Japan and overseas. Going forward, Obayashi Corporation will continue to promote green energy businesses in Japan and overseas through our partnership with EG, contributing to the realization of a sustainable society.

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