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11 October 2007 - NZ Windfarms investigating development opportunities with Vector and Mighty River Power

NZ Windfarms has today announced that it is in discussion with Mighty River Power and cornerstone shareholder Vector, to explore ways in which the three companies can work together on the development of distributed wind powered generation.

  

11 October 2007
NZ Windfarms has today announced that it is in discussion with Mighty River Power and cornerstone shareholder Vector, to explore ways in which the three companies can work together on the development of distributed wind powered generation.
   
NZ Windfarms Chairman, Derek Walker, today welcomed the prospect of expanding the association with Vector to include Mighty River Power.
 
“NZ Windfarms has a range of development options, the most important currently being the Te Rere Hau wind farm in which NZ Windfarms has a 50% interest,” says Mr Walker.
 
“This potential association will enable NZ Windfarms to enhance the scale of its development activities, due to the additional development opportunities and resources available to us through a possible association with Mighty River Power.”  
 
Mighty River Power Chief Executive Doug Heffernan says that over the past few years Mighty River Power has identified and invested in a number of opportunities for the development of wind farms around New Zealand.
 
“With the Government’s announcement on carbon policy, the commercial environment is now right to accelerate the development of these opportunities,” he says.
 
“We have been examining the best approach for bringing these medium sized opportunities to commercial realisation and believe that combining our efforts with those of NZ Windfarms, could be a logical step in our wind strategy so that Mighty River Power can play its part in developing a sustainable energy future for New Zealand.”
 
Vector Chief Executive (Acting), Simon Mackenzie, welcomed the opportunity to involve Mighty River Power and says the proposed step reinforced Vector’s own efforts in encouraging the use of renewable energy resources.
 
“Through our involvement in NZ Windfarms and our testing of micro wind turbines we have maintained an active role in pursuing commercially viable electricity production that is environmentally friendly,” he says.
 
NZ Windfarms will continue to explore with Mighty River Power how the parties may best work together and expect to provide an update to shareholders on this potential association in a few weeks.

 

For further information go to www.nzwindfarms.co.nz

 

 

ENDS

 

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