Ceremony in Japan marks Eastland Generation formal agreement with Obayashi

The formal signing ceremony for the investment by Japanese company Obayashi Corporation into Eastland Generation took place during Prime Minister Christopher Luxon's trade mission to Japan. Back row (from left) are Aya Inagaki, Kenichi Ando, Alice Pettigrew, Belinda Lake and Ben Gibson. Front: Tatsuya Inokuchi, Todd McClay, Kenji Hasuwa, Luxon, Matanuku Mahuika, Debbie Birch and Yukio Mashimo.

Eastland Generation recently attended a formal signing ceremony in Japan as part of Prime Minister Christopher Luxon’s mission to lift engagement with Japan, diversify trade and accelerate New Zealand’s economic growth.

The ceremony commemorated Obayashi Corporation’s investment in Eastland Generation, finalised in late April, in partnership with Eastland Group.

“It was a special occasion to have this witnessed by our Prime Minister and other dignitaries alongside our new partners, Obayashi Corporation,” Eastland Generation chairman Matanuku Mahuika said.

Luxon said the partnership was a great example of how New Zealand and Japanese companies could 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”.

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, Mahuika said.

“The partnership will bring together Eastland Generation’s and Obayashi Corporation’s complementary expertise to advance sustainable energy development towards a carbon-neutral future,” he said.

“Together they own three geothermal generation assets in the central North Island - Te Ahi o Maui (26MW), Geothermal Developments Ltd (9MW) and TOPP1 (24MW). They also own a hydropower station (5MW) near Wairoa and a utility-scale solar farm (5MW) in Tairāwhiti.

“Additionally, Eastland Generation’s pipeline of development projects, such as the TOPP2 (49MW) geothermal project, along with other renewable opportunities and feasibility studies, are part of this partnership.”