Windfarm venture attracts JV partners

NZ Windfarms Ltd has confirmed that two Australian partners will be joining its Tararua windfarm venture.

NP Power Pty Limited and Babcock & Brown Windpower Pty will share a 50 per cent stake in the windfarm, and NZ Windfarms will retain the rest, plus a management contract.

The two Australian companies signed a memorandum of understanding with NZ Windfarms last year, and have since conducted due diligence.

NZ Windfarms chairman Derek Walker said the news meant his company could accelerate the remaining stages of the project, due for completion in the next three years.

It would reduce the time to full revenue generation and potentially bring forward the timetable on other projects, he said.

Te Rere Hau is an $80 million, 97 turbine wind farm on 243ha of farmland on the western slopes of the northern end of the Tararua Ranges.

The site faces prevailing winds and is close to two existing highly productive wind farms.

The first stage of Te Rere Hau, involving five turbines, is due to start generating power this month.

The partners expect to realise carbon credits awarded to the project in 2004.

Mr Walker said NZ Windfarms was committed to building smaller, smarter, high return wind farms that generated electricity for consumption in the local region.

NZ Windfarms, a spin-off of listed turbine manufacturer Windflow Technology, listed on the NZAX alternative exchange in December last year.

Shareholders will be able to vote on the plan at the company's annual meeting on September 15th.

- NZPA