Foresta Group Holding (ASX:FGH) said that the first stage of its Kawerau project is included as one of the renewable energy projects in New Zealand's Fast-Track Approvals legislation, according to a Monday filing with the Australian bourse.

The first stage includes constructing and operating a pine chemical and torrefied wood pellet plant.

The Fast-track Approvals Act seeks to provide a streamlined decision-making process for the delivery of infrastructure and development projects with significant regional and/or national

benefits.

As a listed project under the act, Foresta may apply directly to New Zealand's Environmental Protection Authority to have the first stage of the Kawerau project considered by an expert panel with the power to grant approvals as a single application package.

The firm's shares soared nearly 13% in morning trade Tuesday.

Price (AUD): $0.01, Change: $+0.00100, Percent Change: +12.50%