Igneo to acquire NZ electricity distributor Eastland Network

Igneo to acquire NZ electricity distributor Eastland Network

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22 November 2022: Igneo Infrastructure Partners (“Igneo”) will purchase New Zealand electricity distributor Eastland Network (“Eastland”), to add to its existing Firstgas business, it announced today.

The acquisition will bolster Igneo's position as a diversified energy utility in Aotearoa, with Eastland providing electricity distribution alongside Firstgas’ network of gas distribution, transmission and storage. Firstgas supplies more than 430,000 New Zealand homes and businesses with natural gas and LPG.

Eastland Group specialises in regional infrastructure including ports, electricity networks and electricity generation. Igneo has agreed to acquire Eastland Network from Eastland Group, which represents the electricity network for Gisborne, Wairoa and the East Coast. Daniel Timms, Igneo’s Head of Asset Management Australia and New Zealand, said, “Igneo and First gas are committed to ensuring the long-term resilience and security of supply of electricity to the more than 26,000 homes and businesses across 12,000 square kilometres of the East Coast.

We expect to further invest in the network as electrification increases energy demand over the coming years.“We are supporting New Zealand’s commitment to net zero emissions by investing in renewable gas and we recognise the important role the electricity sector will play to achieve this. Owning and operating both gas and electricity distribution networks will help Firstgas facilitate a lower-emissions future for New Zealand,” he said.

Paul Goodeve, CEO of Firstgas, said, “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 to gas pipelines.

“We have a gas distribution network in Gisborne and we are excited about possible opportunities for Firstgas and Eastland 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.”

Media enquiries

‍About Igneo Infrastructure Partners

Igneo is an autonomous investment team in the First Sentier Investors Group. It invests in high-quality, mature, mid-market infrastructure companies in renewables, digital infrastructure, waste management, water utilities and transportation/ logistics sectors in the UK, Europe, North America, Australia and New Zealand. Operating since 1994, the team works closely with portfolio companies to create long-term sustainable value through innovation, a focus on responsible investment and proactive asset management.

Igneo manages US$18.8bn worth of assets (as at 31 March 2024) on behalf of more than 200 investors around the world.

Media Enquiries

For Asia Media enquiries:

Gladys Tang
Senior Communications Manager
[email protected]

November 22, 2022
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In Hong Kong, this press release is issued by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong. In Singapore, this press release is issued by First Sentier Investors (Singapore) whose company registration number is 196900420D. This press release has not been reviewed by the Monetary Authority of Singapore. 

First Sentier Investors, FSSA Investment Managers, Stewart Investors, Realindex Investments and Igneo Infrastructure Partners  are the business names of First Sentier Investors (Hong Kong) Limited. First Sentier Investors (registration number 53236800B), FSSA Investment Managers (registration number 53314080C), Stewart Investors (registration number 53310114W), Realindex Investments (registration number 53472532E) and Igneo Infrastructure Partners (registration number 53447928J) are the business divisions of First Sentier Investors (Singapore).