Obayashi Corporation (Head Office: Minato-ku, Tokyo; President: Toshimi Sato) announces that the geothermal power plant TOPP2 (with a generating capacity of 49 MW), developed by Eastland Generation Limited (hereinafter 'EG'; Location: Kawerau, New Zealand; CEO: Alice Pettigrew), a renewable energy power generation company in New Zealand in which our group has invested, commenced operations, and an opening ceremony was held on March 20, 2026.
TOPP2 is a geothermal power plant contributing to the further expansion of New Zealand's renewable energy sources. It will serve as critical infrastructure supporting the country's energy transition by providing a stable supply of renewable electricity. With the plant's opening, EG has expanded its total generating capacity from 69 MW to 118 MW, aiming to further strengthen its business foundation through long-term power sales contracts with enterprises and a stable supply to the electricity market.
The opening ceremony was attended by key New Zealand government figures, including Hon Todd McClay, Minister for Trade and Investment, alongside business partners such as Ngati Tuwharetoa Geothermal Assets Limited (Location: Kawerau, New Zealand; Representative: Mark Trigg), a company that manages geothermal resources in the Kawerau reservoir based on the principle of kaitiakitanga(*1), and supplies geothermal steam to TOPP2. This project is not merely an energy development project but a sustainable development model that utilizes Maori land and resources.
Obayashi Corporation has positioned the creation and expansion of businesses that contribute to the realization of a decarbonized society as an important management issue in its Obayashi Sustainability Vision 2050. The green energy business has a strong affinity with the construction and engineering business and is a value-chain growth field that integrates everything from energy supply to business operations.
Through its involvement in geothermal power generation projects, including TOPP2, Obayashi will accumulate expertise in operating renewable energy projects overseas and apply this to geothermal power generation projects currently under development in Japan. Furthermore, by securing the electricity required for green hydrogen production, Obayashi aims to create strategic value, such as building a value chain that includes future exports of green hydrogen to Japan.
Since investing in EG, Obayashi Corporation has supported the company's medium- to long-term business growth by combining EG's technical knowledge of geothermal power generation with its own engineering expertise and networks cultivated both in Japan and overseas. Going forward, Obayashi Corporation will continue to promote green energy businesses in Japan and overseas through our partnership with EG, contributing to the realization of a sustainable society.
Obayashi Corp is a Japan-based company mainly engaged in the construction and real estate businesses. It has five business segments. The Domestic Construction segment is engaged in the acceptance and construction of construction work, interior construction, sales and rental of construction materials and equipment, and comprehensive building management. The Overseas Construction segment is engaged in the construction work in North America and Southeast Asia. The Domestic Civil Engineering segment is engaged in the acceptance and construction of civil engineering work. The Overseas Civil Engineering segment is engaged in the civil engineering work in North America and Southeast Asia. The Real Estate segment is engaged in the buying and selling and leasing of real estate, and development business. It is also engaged in the private finance initiative (PFI) business, renewable energy business, information and communication technology (ICT) related business and financial business.
This super rating is the result of a weighted average of the rankings based on the following ratings: Valuation (Composite), EPS Revisions (4 months), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Investor
Investor
This super composite rating is the result of a weighted average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), EPS Revisions (1 year), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Global
Global
This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite) and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be carried out. We recommend that you carefully review the associated descriptions.
Quality
Quality
This composite rating is the result of an average of rankings based on the following ratings: Returns (Composite), Profitability (Composite) and Quality of Financial Reporting (Composite), and Financial Health (Composite). The company must be covered by at least 2 of these 3 ratings for the calculation to be performed. We recommend that you carefully read the associated descriptions.
ESG MSCI
ESG MSCI
The MSCI ESG score assesses a company’s environmental, social, and governance practices relative to its industry peers. Companies are rated from CCC (laggard) to AAA (leader). This rating helps investors incorporate sustainability risks and opportunities into their investment decisions.
