KEY POINTS:
Te Rere Hau, the first commercial windfarm which uses the New Zealand designed and built windflow turbines, yesterday secured vital funding.
NZ Windfarms is developing the project in a joint venture with international energy groups NP Power and Babcock & Brown. It has closed its capital raising after successfully raising $75 million which will be used to fund Te Rere Hau and other developments.
Under the offer, NZ Windfarms issued 68.18 million shares at $1.10 each, including 15.7 million to network company Vector, giving it a 19.9 per cent stake.
Vector yesterday applied for an exemption from Commerce Commission rules which prevent lines companies from owning generators.
