State-owned Mighty River Power has paid nearly $7.15 million for a 19.95 percent cornerstone shareholding in wind turbine manufacturing company Windflow Technology.

Windflow said today that generator and retailer Mighty River had bought 2.38m shares at $3 a share, under a deal announced in June.

In all, about $10.3m in funds had been raised through the Mighty River purchase, an options exercise in September, and private placements, Windflow said.

It was in a strong position to advance its business plan.