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.