Contact Energy has raised US$259 million for new Te Mihi geothermal plant
Geothermal wellheads at Te Mihi NZ (source: Commons/ Wikimedia, Rjglewis)
Alexander Richter
2 Jun 2011
NZ energy company Contact Energy has raised US$259 million from shareholders to fund the building of the new 166 MW Te Mihi geothermal power plant in New Zealand.
Reported on earlier here, it is now announced that “Contact Energy has raised about NZ$332 million (US$259 million) from shareholders to fund the building of new generation plant.
The power firm had hoped to raise about $350 million by offering investors one share for every nine held at $5.95 each. Nearly 95% of investors, including 52% shareholder Origin Energy, took up the offer.
Contact will issue an extra 66 million shares. The remaining shares will be offered to larger investors through a book building process. The money will be used to build the 166 megawatt Te Mihi geothermal power station north of Taupo, which due to be completed by mid-2013.”
Source: Radio New Zealand
