Igneo Infrastructure Partners has bought New Zealand electricity distributor Eastland Network for NZ$260m (鈧�155m) from Eastland Network and its sole shareholder, Trust Tair膩whiti.
Eastland Network is the electricity lines company for Tair膩whiti and Wairoa in New Zealand鈥檚 North Island. The asset will be folded into Firstgas Group, a business of Igneo.
Igneo said the acquisition would bolster Igneo鈥檚 position as a diversified energy utility in New Zealand, with Eastland providing electricity distribution alongside the Firstgas network of gas distribution, transmission and storage.
Daniel Timms, Igneo鈥檚 head of asset management, Australia and New Zealand, said Igneo and Firstgas were committed to ensuring the long-term resilience and security of supply of electricity to more than 26,000 homes and businesses across 12,000sqkm of the East Coast.
Timms said Igneo was expected to further invest in the network as electrification increased energy demand over coming years.
Paul Goodeve, CEO of Firstgas, said: 鈥淔irstgas Group鈥檚 expertise is in the management and operation of regulated utilities. Our expertise in disciplines that include project management, regulation and asset management is as applicable to electricity networks as to gas pipelines.鈥�
The chair of Eastland Group, Matanuku Mahuika, said the sale would release significant capital for Eastland Group鈥檚 strong pipeline of projects, including local and national renewable energy opportunities, and for a special distribution to Trust Tair膩whiti, the Gisborne economic development agency.
The chair of Trust Tair膩whiti, John Clarke, said: 鈥淔rom the outset, we said that we would only sell to the right buyer on the right terms to deliver for Tair膩whiti. After careful consideration, Trustees are confident we have selected a high-quality buyer with an excellent track record that meets all our criteria.鈥�
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