1 Jul 2013

Meridian quits Australian wind farm

6:43 pm on 1 July 2013

The government-owned electricity generator and retailer, Meridian Energy, says it still needs to work out how much profit it will make from selling its half stake in the Macarthur wind farm in Australia.

It sold its share to a Malaysian company for $NZ770 million.

The 420-megawatt wind farm is three times bigger than the largest wind farm in New Zealand and was completed this year.

Meridian's general manager of external relations, Guy Waipara, says the company always had a long-term outlook on the farm because it does provide really stable, long-term cashflows but the deal was so compelling.

He says the sale had nothing to do with the company's imminent float.

The company says it had intended to hold on to its investment but low interest rates and the chance to develop further wind farms in Australia triggered a decision to sell early.