Mercury eyes wind power growth
The developer of Manawatu¯’s Turitea Wind Farm, Mercury, is set to claim ownership of another wind farm on the Tararua Ranges.
It has joined with Powering Australian Renewables (POWAR) in a proposal to buy Tilt Renewables, owners and operators of the Tararua wind Farms.
The deal, if approved by shareholders and the High Court, would ensure Tilt’s New Zealand wind farms, which also include the recently-commissioned Waipipi in Taranaki and Mahinerangi in Otago, remain Kiwi-owned.
The buy-out in New Zealand is worth about $770 million.
Mercury chief executive Vince Hawksworth said the development was an exciting one.
‘‘Throughout this transaction, Mercury has worked to keep these New Zealand assets under New Zealand ownership.
‘‘Completion of this transaction will position Mercury to make an even more significant contribution to New Zealand’s de-carbonisation goals.’’
The deal wasmade possible by Mercury’s earlier investment in Tilt in 2018.
Once the deal is completed, Mercury’s turbines on the Tararua Ranges, including all three stages of Tararua and its 60-turbine Turitea wind farm, will contribute almost 5 per cent of New Zealand’s total electricity generation.
The $465m Turitea wind Farmis currently under construction, with most of the towers for the first, northern stage in position awaiting delivery of the turbine blades.
The transmission line, which will also serve the planned Puketoi wind farm, is in place ready for generation to begin, and the second, southern stage is also under construction.
The Tilt deal will also provide Mercury with several development options at sites under investigation.
The Tararua wind farm was one of the first to be built in New Zealand, with the first stage of the 134-turbine farm operating for more than 20 years, and currently due for repowering.
The planned upgrade of the first two stages of the Tararua wind farm could double its output.
Tilt’s board has recommended shareholders vote in favour of the scheme, and its majority shareholder, Infratil, has signed a deed in favour of selling its 65.5 per cent shareholding.