Meridian Energy has sold subsidiary Energy for Industry for more than $50 million as part of a move to get ready for its expected partial float by the Government.
The state-owned energy company has sold the subsidiary to the South Island-based Pioneer Generation.
Meridian has been selling assets it doesn't consider essential to its core generating and retailing operations.
It's favoured to be the second energy firm to be part-privatised by the Government next year, after Mighty River Power.