Mighty River Power to reinvest $33m from sale of stake in JVs
Nga Awa Purua geothermal power plant by Mighty River Power, New Zealand (source: Mighty River Power)
Alexander Richter
3 Apr 2012
NZ state-owned Mighty River Power is looking at reinvesting US$33 million from the sale of stakes in two JVs into JVs on ownership of Rotokawa field and the Nga Awa Purua plant.
News from New Zealand report that state-owned Mighty River Power as made $40.5 million (US$33 million) through the sale of a 10% stake in two geothermal joint ventures with the Tuahara North No 2 trust.
The sale took place by agreement with a tribal group. The deal allows Mighty River Power to buy additional stakes in JVs on the Rotokawa geothermal steamfield and the Nga Awa Purua geothermal power plant.
The share of Mighty River Power at both JVs is now at about 65%.
Mighty River Power looks at a partial privatization, as the government aims to sell minority stakes in four state-owned energy companies. Mighty River Power has committed to building its fifth geothermal power plant, the 82 MW Nga Tamariki project.
The financial liquidity of the company is now at $300 million (US$245 million), allowing the company to proceed with the Nga Tamariki project and also to make a $250 million (US$205 million) commitment to the GeoGlobal Energy Fund.
Source: TV NZ
