KUALA LUMPUR: Yinson
Renewables and YTL Corp Bhd are expanding into New Zealand with major investments in the country’s renewable energy and tourism sectors.
Yinson Renewables plans to develop about 1GW of renewable energy projects in New Zealand, building on four years of wind project development supported by Invest New Zealand, the government’s investment attraction agency.
“We are honoured to receive this important acknowledgement from the New Zealand government, which 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,” Yinson group executive chairman Lim Han Weng said in a statement.
Meanwhile, conglomerate YTL Corp confirmed a NZ$160 million (RM388mil) acquisition of the 225-room Hotel Indigo in Auckland through its hospitality arm YTL Hotels.
The deal marks the group’s first hotel investment in New Zealand and represents the second-largest hotel transaction in the country this year.
“The acquisition solidifies YTL Hotels’ long-term commitment to the region’s tourism and hospitality sector and signals the group’s confidence in New Zealand’s resilient visitor economy,” YTL Hotels executive director Datuk Mark Yeoh said.
Both investments have received approvals from New Zealand’s Overseas Investment Office.
Invest New Zealand general manager Benny Goodman said: “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.”
The investments were officiated by New Zealand's Prime Minister Christopher Luxon, New Zealand Minister of State for Trade and Investment Nicola Grigg, and Deputy Minister of Investment, Trade and Industry Liew Chin Tong.
