New look for company helping power nation
Planting days aim to celebrate name change
The operator of the Mangahao Power Scheme has received a makeover this week, with Trustpower changing its name to Manawa Energy.
Locals may notice newly branded vehicles on the roads and new safety signage around the access points to the station.
To mark the launch, Manawa Energy has announced it will support native planting and restoration projects in each of the regions where it operates hydroelectric power stations.
“Manawa Energy owns and operates the most geographically dispersed set of energy assets of any generator in New Zealand.” says general manager of generation Stephen Fraser.
“We’re proud to be a part of communities throughout the country — it’s our point of difference and one of our greatest strengths.
“In Manawatu¯ we are supporting Te Roopu Taiao o Nga¯ti Whakatere Trust which is planting around the Te
Maire Lagoon and along the Mangaore and Otauru Streams in June.
“Robert Ketu, of Nga¯ti Whakatere, will be enlisting the help of children from Shannon School and volunteers from local hapu¯ and the wider community to help restore these important waterways.”
The name change follows the sale of the company’s mass market retail business along with the Trustpower brand, which took place on May 1. It has sold its gas, telecommunications and retail electricity supply business to Mercury NZ and from now will only comprise the power generation and commercial
and industrial retail business.
The company’s NZX ticker code will change from TPW to MNW.
The final sale price of $467 million is made up of an underlying price of $426m and a $41m payment for estimated working capital.
After settling all working capital balances, Trustpower expects to receive net proceeds from the sale of between $432m and $442m.
Details of Manawa’s fullyear results are due out on May 16.
Mercury said the combined business will have about 787,000 connections, creating New Zealand’s leading multi-product utilities retail business.
With the sale complete, Manawa Energy becomes one of Aotearoa New Zealand’s largest electricity generators and renewables developers, responsible for around 5 per cent of the country’s renewable electricity generation.
Fraser said Manawa Energy is focused on delivering the increase in new renewable generation that is needed for the country to meet its climate change commitments through electrification, while continuing to be invested in the success of communities around New Zealand.
The Mangahao Power Scheme has been a part of the Manawatu¯-Whanganui community since 1924.
If you would like to get involved with the community planting day on Saturday, June 18, volunteers will meet where Bryce St/Old Foxton Rd crosses the bridge at 9am. Please wear appropriate footwear and bring a spade if you have one. Contact Robert Kehu on 022 061 8242 or email whakatere. taiao@gmail.com for more information.