Tauranga-headquartered Trustpower will finalise its A$72.2 million acquisition of hydro power assets in Australia by the end of the month, says chief executive Vince Hawksworth.
The assets, which include the 58 MW Hume hydro power station on the Murray River, the 27.2 MW Burrinjuck hydro power station in southwest NSW, the 7.2 MW Keepit hydro power station, the 9.9 MW Blayney wind farm, and 80 per cent of the 4.2 MW Crockwell wind farm, were acquired from the New South Wales Government, which decided last year to dispose of the assets.
"We had a look and realised these power stations are very similar to the types we had in New Zealand," said Mr Hawksworth. "They fall into that mix of smaller hydro stations, which are our bread and butter and which we operate very well. We firmly believe the acquisition will be earnings accretive."
Mr Hawksworth said the three drivers for the deal were:
The synergy with Trustpower's existing assets