Trustpower's US investor to re-evaluate its holding

United States energy company Alliant Energy Corp said today it is evaluating its investment in New Zealand's TrustPower.

Alliant owns just under a quarter of the Tauranga-based power company.

New Zealand infrastructure investor Infratil is another major shareholder, with 35 per cent, and Alliant describes Infratil as a "partner" on its website. The pair have an "exclusive relationship" to jointly consider investment opportunities.

The remaining major shareholder, Tauranga Energy Consumer Trust, owns just under 30 per cent.

Infratil and Alliant New Zealand Ltd weren't answering calls this morning.

Shares in Trustpower were flat at $6.00, close to a year high of $6.01. Infratil was up 5c at $3.95.

Alliant said the TrustPower investment had a carrying value of US$118 million ($177.41 million) and a fair value, based on share prices as at June 30, of US$340 million.

Madison, Wisconsin-based Alliant is also mulling the future of its other international investments, after announcing it expects to incur a non-cash pretax asset valuation charge of US$50 million to US$100 million in the second quarter related to its investments in Brazil.

"We continue to review the alternatives available to us concerning our international investments and our decisions to divest both our China and Mexico assets are a consequence of that review," said Bill Harvey, Alliant's president and chief executive officer.

"We remain focused on assessing alternatives available to us related to our Brazil investments and how we can best derive value from such investments," he said.

- NZPA