Eastland Network will join the Clarus (Firstgas Group) following its acquisition by international infrastructure investor, Igneo.
Igneo is the owner of Clarus (Firstgas Group) companies and following a competitive process, was selected by Eastland Network’s parent company Eastland Group, and their shareholder Trust Tairāwhiti, to acquire the lines business. Igneo’s purchase is subject to approval by the Overseas Investment Office, which is expected in the early part of 2023.
Paul Goodeve, Clarus (Firstgas Group) CE said, “We are delighted with Igneo’s purchase of the high-quality Eastland Network and are looking forward to working with the Eastland team as we broaden our energy network.
“We know how important the Eastland Network is to the Tairāwhiti community and we’recommitted to ensuring the company continues its contribution to the prosperity and wellbeing of the region,” added Goodeve.
With its headquarters in Taranaki, Firstgas Group provides the infrastructure to deliver natural gas, and supplies LPG to more than 430,000 Kiwi homes and businesses everyday.
Goodeve commented, “While we are a Taranaki based energy company our focus is on the safe and reliable delivery of energy that’s affordable for families and businesses across Aotearoa.
“Firstgas Group’s expertise is in the management and operation of regulated utilities. Our expertise in disciplines including project management, regulation and asset management are as applicable to electricity networks as they are gas pipelines.
“We also have a gas distribution network in Gisborne and we are excited about possible opportunities for the two companies to work together across the networks.
“Working with our shareholder Igneo, we will be able to fund the level of investment in the network that will be required to support the prosperity of the region and wellbeing of its people,” explained Goodeve.
Clarus (Firstgas Group) manages both regulated and unregulated businesses with a total regulated asset base of nearly $1.1 billion and in the 12 months to September 2022, commissioned $80 million of regulated assets.
The company is committed to helping New Zealand reach its net zero-carbon goal by 2050 and is passionate about how gas and electricity can work together to achieve this.
“We have plans to decarbonise our gas transmission and distribution networks and arelooking at ways to blend renewable gas into its pipelines in the future. We also recognise thatrenewable electricity generation is key to Aotearoa’s energy future,” said Goodeve.