Tuaropaki Trust

What Tuaropaki Trust does

Tūaropaki Trust is a Māori Ahu Whenua Trust established in 1952 under Te Ture Whenua Māori Act by 279 whānau who amalgamated their traditional whenua near Taupō, New Zealand. Today it administers an asset base exceeding NZD 1 billion for over 2,700 beneficial owners (individuals, Whānau Trusts, and Kaitiaki Trusts) descended from the original 279 families. The Trust operates a diversified, vertically integrated commercial portfolio unified by a single 380°C geothermal resource at Mōkai: 113 MW of geothermal power generation through Tūaropaki Power Company (75% owned, 25% Mercury Energy); green hydrogen production via Halcyon Power, a 50/50 JV with Japan's Obayashi Corporation (1.25 MW, 180 tonnes/year); energy services and engineering through the wholly owned MB Century (acquired 2015); temperature-controlled horticulture through 25% stakes in Gourmet Mokai (11.7 ha of geothermally heated hydroponic glasshouses) and 5% in Gourmet Paprika; geothermally heated dairy processing through the Miraka JV (846,497 kg milk solids contracted annually); pastoral farming across 3,410 ha with 1,900 peak dairy cows and on-site beef auction; and the Ngaire George Sustainability Centre (native nursery, 500+ heritage seed cultivars, vermiculture, apiculture).

The Trust's revenue mechanics combine wholesale electricity sales, contracted agricultural supply (Miraka, supermarkets, export markets), engineering service fees (MB Century), JV equity earnings, and a small e-commerce nursery channel. To owners it distributes dividends (NZD 140/share 2021-2023, up from NZD 130 in 2020), education grants, kaumātua grants (668 paid, NZD 233,800 in FY2022-23), tangihanga grants, sports grants, scholarships, internships, and MB Century apprenticeships, all administered through an Owner Services team and the Te Matapihi online portal. Governance is exercised through a Board of Responsible Trustees elected by owners and confirmed by the Māori Land Court, with the 2024 Trust Order approved by 96.46% of voting owners.

Name

Tuaropaki Trust

Legal name

Tuaropaki Trust

Website

https://tuaropaki.com

Company type

Private

Founded year

1952

Operating status

Operating

Headcount range

51–100 employees

Short description

Tūaropaki Trust is a Māori Ahu Whenua Trust administering over NZD 1 billion in assets for 2,700+ owners via an integrated portfolio of geothermal power (113 MW), green hydrogen (Halcyon JV), horticulture, dairy processing (Miraka JV), pastoral farming, and energy services (MB Century) at Mōkai, New Zealand.

Ownership category

akta.pro rank

Product category

Diversified Energy and Agricultural Holdings

NAICS

Trusts, Estates, and Agency Accounts (52592), Support Activities for Forestry (1153), Forest Nurseries and Gathering of Forest Products (113210)

SIC

Forestry (800)

akta.pro primary industry

Land Trusts & Protected Areas (BPAGAGAC)

akta.pro secondary industries

Conservation Easements & Land Trust Services (AFAMAMAH), Trust Administration & Fiduciary Accounting Services (FSAAANAF)

Keywords

• Geothermal power generation
• Pastoral dairy farming
• Green hydrogen production
• Controlled environment horticulture
• Energy engineering services

Headquarters

HQ city

Taupo

HQ country

New Zealand

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Supply Chain

Revenue model

1. Geothermal Power Generation: Tūaropaki Power Company generates 113MW electricity from geothermal wells on Trust land. Energy is sold on the wholesale market via the national grid. 25% shareholding was sold to Mercury Energy in 2003 to fund development and expansion.
2. Pastoral Farming: 3,410 ha farm producing beef, lamb, and milk. 1,900 peak cows producing 846,497 kg milk solids contracted to Miraka. On-site auction facilities for quality beef sales.
3. Horticulture Products: Gourmet Mokai produces tomatoes (Truss, Baby Roma, Campari varieties) and capsicums for domestic and export markets. Tūaropaki holds 25% shareholding in Gourmet Mokai and 5% in Gourmet Paprika Ltd for export produce.
4. Dividend Distributions: Annual dividend payments distributed to owners and Whānau Trusts in early December. From 2021-2023 dividends were $140 per share. Also provides grants (education, kaumātua, tangihanga, sports).
5. MB Century Engineering Services: Full range of geothermal and energy services including drilling, steamfield design, reservoir logging, power station maintenance, fabrication, machining, and environmental monitoring. Services provided to energy and industrial sectors.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

Tuaropaki Trust is a Māori Ahu Whenua Trust managing ancestral land with an asset base over $1 billion across geothermal power generation (113MW), pastoral farming (3,410 ha with 1,900 dairy cows), hydroponic horticulture (11.7 ha glasshouses), green hydrogen production, and energy engineering services. The Trust also administers owner services including annual dividends, education grants, kaumātua grants, scholarships, apprenticeships, and internships for more than 2,700 owners descended from the original Māori landowners.

Product overview

Tuaropaki Trust is a Māori land organisation with a diverse portfolio of interconnected business ventures and owner services totaling over $1 billion in assets. The core revenue-generating businesses span geothermal power generation (Tūaropaki Power Company - 113MW), hydrogen energy production (Halcyon Power - joint venture), energy services (MB Century), horticulture (Gourmet Mōkai and Gourmet Paprika joint ventures), dairy processing (Miraka joint venture), and pastoral farming. Supporting these operations is the Ngaire George Sustainability Centre. For owners, the Trust provides a digital portal (Te Matapihi), annual dividend distributions, and grant programmes including education scholarships, wellbeing grants (kaumātua, tangihanga, sports), apprenticeships, and internships. The portfolio is unified by shared geothermal resources, sustainable practices, and focus on benefiting Tūaropaki owners and their descendants.

Differentiator

Problem solved

Functional benefit

Products and services

• Tūaropaki Power Company (Geothermal Power Generation) Generates 113MW of electricity from geothermal wells at Mōkai where underground water is heated above 380°C; sells energy on the wholesale market via the New Zealand national grid in partnership with Mercury Energy.
• Halcyon Power (Green Hydrogen) 50/50 joint venture with Obayashi Corporation of Japan producing green hydrogen via electrolysis using renewable geothermal electricity; 1.25 MW plant with capacity for 180 tonnes per annum.
• MB Century Energy Services New Zealand's only world-class one-stop-shop geothermal and energy solutions provider offering drilling, steamfield design, reservoir logging, hydro engineering, process engineering, power station maintenance, fabrication, machining, industrial coatings, and environmental monitoring to energy and industrial sectors.
• Gourmet Mokai Horticulture 11.7 hectares of geothermally heated climate-controlled glasshouses producing Truss, Baby Roma, and Campari tomatoes using hydroponics, CO2 enrichment from Hot Lime Lab, and LED lights for year-round premium produce.
• Pastoral Farming Operations

Quantifiable outcome

• 113MW geothermal electricity production capacity
• +6 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Obayashi CorporationcoreStrategic or Co-development Partner · 1 January 201850/50 joint venture Halcyon Power Ltd established with Obayashi Corporation of Japan to produce green hydrogen. Obayashi, established in 1892 and headquartered in Tokyo, operates in civil engineering and building construction with 15,000+ employees across 14 countries. Plant officially opened December 2021 producing 180 tonnes/year of green hydrogen via electrolysis using geothermal electricity.
• MB CenturycoreStrategic or Co-development Partner · 1 January 2015Tūaropaki purchased MB Century in 2015, New Zealand's leading total-solution energy service provider. Started as Ministry of Works and Development in 1950, now provides geothermal drilling, steamfield design, engineering, and power station maintenance. 74 years of operation with 9 years of Trust ownership.
• MirakacoreStrategic or Co-development Partner · 1 January 2010Joint venture to build geothermally-heated and powered milk powder processing factory at Mōkai. Miraka celebrates 10th anniversary in 2020, producing Frozen Milk Concentrate, UHT milk, and A2 beta-casein milk powder for export. One of the world's most sustainable dairy producers with low carbon footprint.
• Gourmet Paprika LtdminorStrategic or Co-development Partner · 1 January 2007Tūaropaki holds 5% shareholding in Gourmet Paprika Ltd, export-focused business specializing in high quality produce to Asia, Australia, USA and Europe. Facilities include glasshouses at Kumeu, blueberry farm in Hawke's Bay, orchard in Roxburgh, and packing warehouse near Auckland Airport.
• Mercury EnergycoreStrategic or Co-development Partner · 1 January 2003Mercury Energy (formerly Mighty River Power) acquired 25% shareholding in Tūaropaki Power Company in 2003 to fund development and expansion. Mercury manages operation of the geothermal power station.
• Gourmet MokaicoreStrategic or Co-development Partner · 1 January 2002Tūaropaki holds 25% shareholding in joint venture Gourmet Mokai. Built 5.5 ha geothermally heated glasshouse in 2002, expanded with additional 6.2 ha glasshouse in 2007. Produces tomatoes and capsicums for domestic and export markets using hydroponics.
• Tourism Holdings LimitedminorOthersDebbie Birch, Tūaropaki Trustee, serves as director of NZX and ASX listed Tourism Holdings Limited.
• Eastland Group LimitedminorOthersDebbie Birch, Tūaropaki Trustee, serves as director of Trust Tairāwhiti owned Eastland Group Limited including subsidiaries Gisborne Port, Eastland Generation, and Gisborne Airport.
• Te Pūia Tāpapa GP LimitedminorOthersDebbie Birch, Tūaropaki Trustee, serves as director of investment fund Te Pūia Tāpapa GP Limited.
• MirakaminorOthersDebbie Birch, Tūaropaki Trustee, appointed as director on the Miraka board in 2023.
• Koanga InstituteminorStrategic or Co-development PartnerTūaropaki's Heritage Seed Bank developed through relationship with Koanga Institute since 2016, providing backup support to other seed banks in Aotearoa.

Scale indicators9 records

Recent moves14 records

Expansion highlights5 records

Broad incumbents

• Contact Energy: NZ-listed generator and geothermal operator (formerly Electricorp). Direct competitor in the NZ geothermal generation market; historically connected to Tūaropaki via the 2008 Pukemoremore land acquisition, making it a relevant sector benchmark.
• Manawa Energy (formerly Trustpower): NZ-listed renewable generator with hydroelectric, wind, and geothermal assets. Comparable as a diversified NZ renewable energy incumbent operating in the same wholesale electricity market as Tūaropaki Power Company.
• Todd Corporation: Privately held NZ diversified investment company with significant energy, mining, and property holdings. Tūaropaki's CSIO (Jimmy Zhou) was formerly at Todd Corporation. Comparable as a large NZ private diversified energy/investment holding.
• Mercury Energy: NZ-listed generator with significant geothermal capacity (including 25% ownership and operational management of Tūaropaki Power Company). Comparable as a geothermal competitor and direct commercial partner in the same renewable generation market.

Direct peers

• Eastland Group: Owned by Trust Tairāwhiti and chaired by Debbie Birch (a Tūaropaki Trustee). Operates Gisborne Port, Eastland Generation (geothermal/hydro), and Gisborne Airport — a directly comparable iwi/trust-owned diversified infrastructure and energy business.
• Ngāti Awa Group Holdings: Bay of Plenty iwi with significant geothermal and forestry investments. Operates a similar diversified iwi-owned commercial portfolio with energy sector exposure, directly comparable to Tūaropaki's integrated geothermal and agricultural asset stack.
• Miraka: Geothermally powered dairy processor and Tūaropaki JV partner producing milk powder, UHT, and A2 milk. Closely comparable as a Māori-linked, sustainable dairy business integrated with geothermal infrastructure at the same Mōkai site.
• Ngāi Tahu Holdings Corporation: The commercial arm of Ngāi Tahu, the largest South Island iwi. Operates a similarly diversified portfolio spanning property, agriculture, fishing, and tourism under a trust/for-benefit structure, making it the most directly comparable iwi-owned diversified investment vehicle to Tūaropaki.
• Ngāti Tūwharetoa Holdings: Central North Island iwi with overlapping geographic footprint and geothermal interests. Spence McClintock (Tūaropaki COO) was formerly CEO of the related Ngāti Tūwharetoa Mai Kawerau Ki Te Tai entity, making it a directly comparable Māori entity in adjacent geothermal and land assets.
• Ngāti Whātua Ōrākei Whai Rawa: Tāmaki Makaurau iwi investment arm managing a diversified portfolio for beneficiaries. Comparable as another North Island iwi commercial entity distributing returns to a wide owner base from a diversified business portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/tuaropaki-trust

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tuaropaki Trust