"It's the start of a very exciting journey for us at Te Pae o Waimihia," Ngahere says.
"As well as rental income, the project will give the trust and hapū preferential investment and employment opportunities with tenants, and a potential hub for our own projects."
The project is called He Ahi, to represent fire.
"The name, He Ahi, reflects the source of our local geothermal energy.
"He Ahi also represents the fire that burns within ourselves to create opportunities for our people and our community."
Contact Energy geothermal resources and development general manager Mike Dunstall says the project reinforces Contact Energy's commitment to benefiting Tauhara hapū.
"We are very excited to be working closely with local hapū to establish this project."
He says the new industrial development also aligns with Contact's strategy to grow demand for renewable energy by making the supply of geothermal energy more accessible. He says He Ahi also contributes to the vision of a better New Zealand by supporting businesses in the renewable energy sector.
The deal will see Te Pae o Waimihia develop industrial and business land lots for companies seeking a serviced site and leased facility. Each site will be specifically designed and built to meet the requirements of the tenant. Contact Energy will provide geothermal energy to businesses that require geothermal heat with exclusive rights to sell geothermal energy to the tenants, as well as a right of first refusal on any
electricity supplies.
The sites will also promote other forms of clean energy and best practices for energy efficiency, waste management and low environmental impact.
Te Pae o Waimihia investment committee chairman Greg Stebbing says the development represents the increasingly close relationship between Contact Energy and the Taupō Township Hapū.
Design and development work for the site is underway, with the appointment of a Blandina Diamond as project director, and consultants Egmont Dickson taking up the project management role.
Blandina Diamond, says the development has a strong focus on cultural expression and kaitiaki of the environment.
The infrastructure is due to be complete by mid-2023, with the first tenant already signed up. Inquiries about securing an industrial section at He Ahi should be made to Blandina Diamond 027 279 9058.
