22 Dec 2012

Meridian sells subsidiary for more than $50m

10:19 am on 22 December 2012

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.