Latest news with #TeRereHau
Scoop
16-07-2025
- Business
- Scoop
Meridian Welcomes High Court Approval Of NZ Windfarms Acquisition
Meridian Energy welcomes today's High Court approval of the Scheme of Arrangement under which Meridian will acquire all of the shares in NZ Windfarms Limited (NZWF). A copy of the sealed Final Orders is attached to the market announcement released today by NZWF. The final steps in the Scheme process are now underway. Provided the remaining customary conditions are satisfied or waived, implementation of the Scheme will occur on 30 July 2025. The two companies are already parties to a 50-50 joint venture to repower NZWF's largest asset, the TeRereHau Wind Farm inManawatū, and for Meridian topurchase100% of the generation from the wind farm. Meridian also currently holds a 19.99% shareholding in NZWF. Meridian willnow acquireall remaining shares in NZWF for $0.25 cash per share, corresponding to an equity value for NZWF of $91 million. The scheme was previously approved by NZWF shareholders on 24 June 2025. Meridian Chief Executive Mike Roan says the company is delighted to have now received High Court approval. 'This deal will reward NZ Windfarms' shareholders for the value created to date, while also enabling more efficient financing and delivery of the Te Rere Hau repowering project.' The repowering project involves the design, construction and operation of up to 39 new turbines with generation capacity of up to 170MW. It has the potential to generate seven times the annual renewable energy production of the current turbines.
Scoop
24-06-2025
- Business
- Scoop
NZ Windfarms Shareholders Approve Meridian Acquisition
The proposed scheme of arrangement (the Scheme), under which Meridian Energy Limited (Meridian) will, subject to the satisfaction of certain conditions, acquire 100% of NZ Windfarms Limited (NZX: NWF) ('NZ Windfarms'), has today been approved by NZ Windfarms shareholders at a Scheme Meeting. The resolution to approve the Scheme was passed by the requisite majorities of shareholders – namely 75% or more of the votes cast in each interest class and more than 50% of the total number of NZ Windfarms shares on issue were voted in favour of the Scheme. Details of the total number of votes cast are set out in the market announcement released today by NZ Windfarms. The final steps in the Scheme process are now underway, including an application to the High Court for final orders. The Scheme remains subject to final orders being granted by the High Court and satisfaction (or waiver) of other customary implementation conditions. The final hearing at the High Court in Auckland is currently scheduled for 16 July 2025. 'We're delighted to have the support of NZ Windfarms' shareholders and now look forward to the outcome of the High Court process. If approved, this transaction will reward NZ Windfarms' shareholders for the value created to date, while also enabling more efficient financing of the Te Rere Hau repowering project,' says Meridian's General Manager Strategy and Portfolio Rory Blundell. The Te Rere Hau repowering project involves the design, construction and operation of up to 39 new turbines with generation capacity of up to 170MW. It will be New Zealand's first wind farm repowering project and has the potential to generate seven times the annual renewable energy production of the current turbines.
