New wind farm planned for Mercury New Zealand

Company News

by Rachael Jones

Mercury New Zealand (ASX:MCY) will build the first 33 of 60 wind turbines at Turitea near Palmerston North, a key milestone in New Zealand’s renewable energy development.

Mercury’s Chief Executive, Fraser Whineray, says that current market conditions indicate that new renewable energy capacity is required for New Zealand.

The 119 megawatt wind farm will generate 470 Gigawatt hours per annum on average, enough electricity to power 210,000 cars.

When generation connects to the national grid at Linton, Turitea will be New Zealand’s third largest wind farm.

Shares in Mercury New Zealand (ASX:MCY) closed 2.23 per cent higher to $3.67 yesterday.
 

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.