New Zealand Windfarms has reported a loss of $24.6 million in the year to June due to writing down the value of its wind turbines.
That compares with a loss of $3.3 million the previous yaaer.
The company took a $30 million impairment cost on its 97 turbines.
Though the wind blew less than expected, revenue more than doubled to $9.8 million due to generating more electricity from its wind turbines and higher wholesale prices.
NZ Windfarms is trying to sell its Te Rere Hau wind farm near Palmerston North and it's currently in discussions with potential buyers.