Smooth Move; Trustpower Sells Aussie Assets to Meridian
Trustpower reached conditional agreement to sell its small Australian hydroelectric assets to fellow New Zealand gentailer Meridian Energy for AUD 168 million. Trustpower will book a large profit on the sale, having bought the assets and a couple of small wind farms, which subsequently transferred to Tilt renewables, in 2014 for AUD 72 million. Since acquisition, the earnings for these assets have benefited from good rainfall and higher electricity prices. The sale will significantly strengthen ...Trustpower is an electric power generation and retail group based in New Zealand. Co. and its subsidiaries are engaged in the development, ownership and operation of electricity generation facilities from renewable energy sources and the retail sale of electricity and telecommunications services to its customers. Co. owns and maintains 36 small to medium size Hydro Generating Stations and two Wind Farms, with a further Wind Farm in South Australia. Co. is engaged in the production of electricity from renewable sources and its power stations produce enough electricity for around 220,000 New Zealand households.
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