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State-owned Meridian Energy sold its Energy for Industry subsidiary to Central Otago-based Pioneer Generation in a transaction worth more than $50 million.
Energy for Industry, which was established in 2000, provides energy management services to companies, according to its website. The sale is part of Meridian's plan to divest non-core subsidiaries, it said.
Meridian is one of the state-owned power companies ear-marked for a partial sale by the government. Pioneer is a community trust-owned generator based in Alexandra.
"EFI is New Zealand's leading provider of energy solutions for some of the country's key sectors. It has found the right new owner that will take this business to the next level," chief executive Mark Binns says.