Mercury NZ (ASX:MCY)
has acquired Tilt Renewables’ NZ operations, following an agreement signed in March between Mercury, Powering Australian Renewables (PowAR) and Tilt Renewables.
PowAR has taken ownership of Tilt’s Australian assets, including five wind farms. The acquisition was funded from the sale of Mercury’s 19.9 per cent Tilt shareholding, worth NZ $608 million.
Mercury chief executive Vince Hawksworth said, "Mercury will become one of New Zealand’s largest wind power companies. Today’s acquisition provides Mercury with fuel and plant diversity and adds over 1,100GWh to our annual generation production. Mercury enthusiastically endorses New Zealand’s goal of net zero carbon emissions by 2050, and we have a pipeline of new renewable generation waiting in the wings."
Shares in Mercury NZ (ASX:MCY)
are trading 0.5 per cent higher at $6.49.