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Singapore’s SC Oscar wins approval for solar farms in New Zealand

An aerial view taken on November 22, 2023 shows a solar farm with wind turbines in the south of Berlin, Germany. (Photo by INA FASSBENDER / AFP) (Photo by INA FASSBENDER/AFP via Getty Images)
An aerial view taken on November 22, 2023 shows a solar farm with wind turbines in the south of Berlin, Germany. (Photo by INA FASSBENDER / AFP) (Photo by INA FASSBENDER/AFP via Getty Images) (INA FASSBENDER via Getty Images)

By Tracy Withers

(Bloomberg) — Singapore-based investor SC Oscar Holdings has secured New Zealand government permission to buy land for four solar farms.

The land is in Taranaki, the Hawke’s Bay and Northland regions of the nation’s North Island, according to a decision posted by the Overseas Investment Office. Approval was granted in early October.

Once operational in 2025-2026, the solar farms will add approximately 221 GWh of renewable electricity a year to the national grid, the regulator said in the decision. Construction of the land will require investment of more than NZ$150 million ($93 million) and create a large number of temporary jobs, it said.

New Zealand generates more than 80% of its electricity from renewable sources such as hydro-electric dams, and it aspires to reach 100% by 2030. That will require significant investment to replace fossil fuel-fired turbines with more wind, solar and geothermal plants.

On its website, SC Oscar says it was formed in 2022 “with a mission to drive decarbonization in Asia Pacific by establishing and managing private equity funds which invest in renewable energy projects and other real assets that reduce carbon emissions.”

The founders are the principals of SC Capital Partners — a Singapore real estate investment management company — and renewable energy project developer Oscar Energy, according to the website.

©2023 Bloomberg L.P.