Powerco moves to buy Firstlight Network from Clarus Groups owners
Powerco has entered into an agreement to purchase Firstlight Network, an electricity distribution business (EDB) that supplies electricity to Tairāwhiti and Wairoa.
Along with other commercial considerations, the company now awaits approval from the Overseas Investment Office (OIO) for the purchase.
“Powerco is excited to be investing further in New Zealand’s electricity industry, and we believe there’s an opportunity to utilise the skills and resources within Powerco to improve the performance of this electricity network for the benefit of the local people,” Powerco Board Chair John Loughlin says.
“We’re proud to be part of the communities we live and work in and know that the best way to manage an electricity network is to have local people serving local communities. If we’re given approval to acquire the Firstlight business, local people will continue to work with us on the network.
“Those local people will be supported by Powerco’s ability and experience for already serving communities across geographically large and diverse regions,” John Loughlin says.
Powerco Chief Executive Jason Franklin says that with 29 EDBs in New Zealand delivering power to a little over five million people, Powerco believes the most efficient and cost-effective way for local communities to receive reliable, resilient and affordable electricity going forward, is through economies of scale
“With almost 360,000 electricity customers in regions across the North Island, we have the scale, capability and capacity, along with innovative solutions and experience working with communities big and small to make the necessary long-term investments and lead a sustainable energy transition for Tairāwhiti and Wairoa communities.
“I’m really looking forward to meeting with Firstlight Network employees and talking with community leaders about how we can work together to deliver reliable, resilient and affordable power for their communities into the future,” Jason Franklin says.
More information can be found here.
Powerco is New Zealand’s largest dual electricity and gas distributor by network length, with over 473,000 customers connected to its networks. Powerco’s electricity network covers Coromandel to South Waikato, Tauranga and Mt Maunganui, Taranaki, Whanganui, Rangitīkei, Manawatū and Wairarapa. Its gas network covers Taranaki, Horowhenua, Hawke's Bay, Manawatū, Porirua, Hutt Valley and Wellington. Powerco Limited is 49% owned by Australian Retirement Trust, managed by QIC Limited, and 51% owned by funds managed by Dexus.
Along with other commercial considerations, the company now awaits approval from the Overseas Investment Office (OIO) for the purchase.
“Powerco is excited to be investing further in New Zealand’s electricity industry, and we believe there’s an opportunity to utilise the skills and resources within Powerco to improve the performance of this electricity network for the benefit of the local people,” Powerco Board Chair John Loughlin says.
“We’re proud to be part of the communities we live and work in and know that the best way to manage an electricity network is to have local people serving local communities. If we’re given approval to acquire the Firstlight business, local people will continue to work with us on the network.
“Those local people will be supported by Powerco’s ability and experience for already serving communities across geographically large and diverse regions,” John Loughlin says.
Powerco Chief Executive Jason Franklin says that with 29 EDBs in New Zealand delivering power to a little over five million people, Powerco believes the most efficient and cost-effective way for local communities to receive reliable, resilient and affordable electricity going forward, is through economies of scale
“With almost 360,000 electricity customers in regions across the North Island, we have the scale, capability and capacity, along with innovative solutions and experience working with communities big and small to make the necessary long-term investments and lead a sustainable energy transition for Tairāwhiti and Wairoa communities.
“I’m really looking forward to meeting with Firstlight Network employees and talking with community leaders about how we can work together to deliver reliable, resilient and affordable power for their communities into the future,” Jason Franklin says.
More information can be found here.
Powerco is New Zealand’s largest dual electricity and gas distributor by network length, with over 473,000 customers connected to its networks. Powerco’s electricity network covers Coromandel to South Waikato, Tauranga and Mt Maunganui, Taranaki, Whanganui, Rangitīkei, Manawatū and Wairarapa. Its gas network covers Taranaki, Horowhenua, Hawke's Bay, Manawatū, Porirua, Hutt Valley and Wellington. Powerco Limited is 49% owned by Australian Retirement Trust, managed by QIC Limited, and 51% owned by funds managed by Dexus.
Copy link
