Maori landowners and an electricity SOE have made $9.3 million from selling emissions credits to Germany.
The credits were incurred by Nga Awa Purua geothermal power station, north east of Taupo.
The 140 megawatt station is run jointly by Mighty River Power and the Tauhara North No. 2 Trust.
The money came from the sale of 410,000 Emissions Reduction Units from the power station to Deutsche Bank AG.
The credits are available because Nga Awa Purua's geothermal energy displaces the need to generate far more polluting energy by burning fossil fuels.
