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Kawerau Project Update – Overseas Investment Office (OIO) approval
09 07 2024Foresta Group Holdings (ASX: FGH, “Foresta”) is pleased to announce that it has received approval from the Overseas Investment Office (OIO) to lease the Kawerau site. This approval, granted under the Overseas Investment Act, allows Foresta, as an overseas entity, to proceed with the lease.
New Zealand has regulation that controls overseas investment. This means that some people and entities cannot invest in sensitive New Zealand assets without consent. Foresta is an “overseas person” in terms of the Overseas Investment Act because it is incorporated overseas.
The OIO approval includes specific conditions that Foresta is committed to meeting:
- Signing of the site lease by 30 June 2026
- Receipt of necessary resource consents for the plant by 30 June 2026
- Establishment of business operations by 30 June 2028
The Agreement to Lease (ATL) for the Kawerau site was contingent upon OIO approval and securing project funding. With the OIO decision now obtained, Foresta only requires project funding to finalise the site lease. Foresta is meeting with potential investors to secure the required funding.
“Foresta has achieved significant milestones over the past year, with the OIO approval marking a pivotal achievement. This approval allows us to secure the Kawerau site pending funding.
With supply, offtake, and lease agreements solidified and supported by an exceptional team, we are nearing our goal of revolutionising not only the energy sector with clean energy solutions but also enhancing the forestry industry through sustainable harvesting practices. This project will create employment opportunities within local communities, and we eagerly anticipate forging lasting relationships as we move forward.”
Ray Mountfort, MD Foresta Group Holdings.
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