Australian-owned Powerco expands into Gisborne
Monday, 2 February 2026
Powerco has received approval from the Overseas Investment Office to buy an electricity lines company that operates in the Tairāwhiti and Wairoa areas.
The purchase of Firstlight Network, for an undisclosed sum, was approved in December.
The Australian-owned New Plymouth-based company now operates in the Coromandel and Northwest Waikato, Palmerston North and South Manawatū, Taranaki, Tararua, Wairarapa, Whanganui and Western Bay of Plenty.
The new acquisition in the electricity market cements Powerco as one of New Zealand’s major providers of gas and electricity across the country and the company with the largest area covered in the North Island.
Before the acquisition, there were 29 companies providing electricity to New Zealand homes and businesses, according to the Electricity Network Aotearoa.
In October, Powerco entered into an agreement to purchase Firstlight Network from First Sunrise Bidco, a company ultimately owned by a global asset management organisation based in Sydney.
Back then, Powerco chief executive Jason Franklin said the company was providing electricity to “almost 360,000 homes, businesses and industries in regions across the North Island”.
As part of the deal, the company also acquired a 0.27-hectare property on Carnarvon St, Gisborne.
On Monday, Powerco board chairperson John Loughlin said a settlement date was yet to be announced.
The company, which had its headquarters on Junction St, was owned by Australian investment company Queensland Investment Corporation and Australasian real assets manager Dexus.
In 2024, a deal reportedly worth about $2 billion passed the majority of the North Island electricity distributor into Australian hands.
However, the company had partly been under Australian ownership since 2004.
In 2025, the company reported its total revenue was $587.8m.
In January, the Australian Financial Review said one of Powerco’s major investors was considering selling a minority stake of the company.