Eastland Group acquires TOPP1 geothermal plant in Kawerau, NZ
Eastland Generation acquires the 26 MW TOPP1 geothermal power plant at the Kawerau geothermal field in New Zealand.
Reported earlier this week, New Zealand-based Eastland Group announced having acquired the 26 MW TOPP1 geothermal power station from a Maori-owned geothermal assets company NTGA. The purchase was done through the generation business of Eastland and entails a long-term fuel supply agreement, and provide the option to further joint development in the future.
The reported price for the asset was NZ$83 million (around USD 60 million) with transfer of ownership at the end of this month.
Today, Eastland Generation owns already two geothermal plants at the Kawerau geothermal field. The plants are the 9 MW Geothermal Developments Ltd. plant and the 25 MW Te Ahi O Maui plants.
In a statement, Matt Todd, Chief Executive of parent company Eastland Group, said “The purchase of TOPP1 is key in enabling us to deliver on our strategy of 100MW of renewable generation by 2025. This adds scale to our portfolio and means we are becoming a truly significant developer, owner and operator of renewable energy in the New Zealand market.
“TOPP1 will provide operational synergies across our three geothermal plants. Importantly, our agreement with NTGA also gives us further development options on the Kawerau field.”
NTGA is the largest direct use steam supplier in the world. In 2016, we reported about the sale of the TOPP1 geothermal power plant by Norske Skog.
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