Obayashi's board resolved on 22 October 2026 to take 90% of LYOC1 Limited, a New Zealand asset-holding company set up by Lightyears Energy Limited, and then invest in solar projects through it in stages.
What the NZ$74mn means
The disclosure lists an acquisition cost of NZ$74mn, which the company approximates at ¥6.6bn. A footnote says the LYOC1 shares themselves cost NZ$1. The NZ$74mn is Obayashi's investment once the staged contributions are complete. Those contributions follow development milestones at each project company. They are not a single payment. The company says the targeted projects include some already operating, which it expects to contribute earnings early, alongside development projects for later growth.
Structure and timing
The purchase will run through Obayashi's wholly owned Singapore subsidiary, OCE Investment Pte. Ltd., and a new New Zealand holding company, OCE Investment New Zealand 1 Limited, due to be established on 30 November 2026. After the deal, that holding company is planned to own 90% of LYOC1 and Lightyears Energy 10%. Obayashi plans to appoint three LYOC1 directors.
The implementation agreement with Lightyears Group Limited is scheduled for 30 November 2026. Investments follow in stages through the 2027 fiscal year, once conditions in the agreement, including approvals from authorities, are met. The notice gives no generation capacity or project list.
Why New Zealand solar
Obayashi already runs geothermal and small hydro plants in New Zealand through its affiliate Eastland Generation. It calls solar one of the fastest-growing power sources there over the next five years and rates Lightyears, a local developer and operator, as a complementary partner. The company says the effect on consolidated results for the year to March 2027 is still being assessed.