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Mighty River Power Signs Agreements With Windflow Technology Limited

Contributor:
Fuseworks Media
Fuseworks Media

Mighty River Power today confirmed it had signed agreements with Windflow Technology Limited to purchase a 19.95% cornerstone shareholding effective mid- October 2008.

In addition, both parties have entered into conditional arrangements under which Windflow Technology will, subject to consents, construct a proposed wind farm at Long Gully outside Wellington on the company's behalf.

Acting Chief Executive William Meek said Mighty River Power was pleased to have completed negotiations with Windflow Technology and was delighted with the resulting partnership.

"Mighty River Power is seeking to add wind to its renewable electricity generation portfolio, which already comprises significant geothermal and hydro generation capability.

"Windflow Technology is a progressive NZ company with exciting wind turbine technology - the smaller turbine is easily transportable and suited to New Zealand's terrain and wind conditions," he said.

"Given the increasing value of wind as a renewable energy source, both domestically and internationally, the company has promising growth prospects," said Mr Meek.

Mighty River Power is making good progress towards adding wind generation to its diversified generation portfolio with the aim of developing up to 500MW of wind by 2015.

Mighty River Power has identified a number of potential wind generation sites throughout New Zealand that are in various stages of investigation, monitoring and consultation at these sites

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