Mercury to Build New Wind Farm; FVE Increased to NZD 3.70
Narrow-moat-rated Mercury NZ has committed to build a wind farm, its first, near Palmerston North on the North Island. It’s a relatively small project, expected to cost NZD 256 million, increase the firm’s average annual generation by 7% to 7,270 gigawatt hours, or GWh, and increase EBITDA by around NZD 30 million per year. Being debt-funded, interest expense should increase by roughly NZD 15 million per year. We upgrade our forecasts. We consider the project mildly accretive, and increase our f...Mercury NZ is engaged in the investment, development and producing of electricity from renewable and other energy sources, selling of energy and energy related services and products to retail and wholesale customers. As of June 30 2013, Co. had 388,000 electric customers.
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