Mighty River Power has banked $40.5 million in return for the sale of a further 10 per cent stake in its two geothermal joint ventures with the Tauhara North No 2 Trust, in the central North Island.
The sale reflects an existing agreement with the tribal incorporation, affiliated with the Ngati Tahu iwi, allowing it to buy the additional stake in joint ventures covering ownership of the Rotokawa geothermal steamfield and the 140 Megawatt Nga Awa Purua geothermal power station. The agreement allows Tauhara North to purchase the increased stake for a pre-agreed price, and to raise its stake further if desired, subject to revaluation of the assets.
MRP's share of both joint ventures now sits at 65 per cent.
The joint venture relationship covers the Rotokawa steamfield, which powers the 34MWRotokawa power station, built in 2000, and the 140MW Nga Awa Purua station, which began production in 2010.
An executive officer of the trust, Aroha Campbell, told BusinessDesk the transaction had "nothing to do" with the partial privatisation of MRP, which expected later this year as the government embarks on the sale of minority stakes in four state-owned energy companies. MRP will be first to go to market.
