Malaysia-based Yinson Renewables has received approval from New Zealand’s Overseas Investment Office (OIO) for its renewable energy investments in the country, paving the way to advance its project pipeline.
The firm said in a statement on Tuesday that the approval paves the way for Yinson Renewables to advance its renewable energy project pipeline in New Zealand.
The company has been actively investing in New Zealand’s wind energy sector for the past four years.
In a separate statement, New Zealand Invest highlighted that the pipeline of Yinson Renewable’s renewable energy projects are expected to total circa 1GW of renewable energy.
“These investments by Yinson into New Zealand demonstrates their confidence in New Zealand. We have an ambitious goal to double our renewable energy generation by 2050, and investments like this are vital to achieving it,
“New Zealand is open for investment, and I see many opportunities for Yinson Renewables expertise to help build a more sustainable energy future,” New Zealand’s Prime Minister Rt Hon Christopher Luxon said.
Lim Han Weng, Group Executive Chairman of Yinson Holdings Berhad, added tha this important acknowledgement from the New Zealand government marks a pivotal step forward in Yinson Renewables’ journey in New Zealand.
“We have a long-term commitment to New Zealand and we remain dedicated to working collaboratively with the New Zealand government, local partners and communities to support New Zealand’s renewable energy ambitions,” he added.
Benny Goodman, General Manager of Invest New Zealand, commented that investment announcements like this demonstrate that New Zealand is seen as a credible investment destination by high quality global investors, and offers investment opportunities across a range of sectors.