Trustpower buys Australia's Green State Power assets for $A72.2m

Vince Hawksworth, Trustpower Chief Executive
Trustpower 12-month price history (NZX.com)

Trustpower [NZX: TPW], the electricity company controlled by Infratil [NZX: IFT], agreed to pay A$72.2 million for hydro power stations and wind farm assets of Green State Power from the government of the Australian state of New South Wales.

The Tauranga-based utility, which generates about 5 percent of New Zealand's power and is developing a wind farm in South Australia, will buy the 58 megawatt Hume hydro power station on the Murray River, the 27.2 MW Burrinjuck hydro power station in South West NSW, the 7.2 MW Keepit hydro power station, the 9.9 MW Blayney wind warm and 80 percent of the 4.2 MW Crockwell wind farm, it said in a statement.

Trustpower said the assets would perform well within its existing renewable energy portfolio.

The transaction is expected to occur before the end of next month, produce around 270 GWh and contribute about A$8.5 million to group earnings before interest, tax, depreciation, amortisation and fair value adjustments in the first full year of ownership, Trustpower said.

Shares in Trustpower last traded at $7.05 and have advanced 8.3 percent so far this year.

(BusinessDesk)

This article is tagged with the following keywords. Find out more about My Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7878 -0.0004 -0.05%
AUD 0.9091 0.0005 0.06%
EUR 0.6356 -0.0003 -0.05%
GBP 0.5032 0.0001 0.02%
HKD 6.1123 -0.0013 -0.02%
JPY 92.8410 0.0020 0.00%

Commods

Commodity Price Change Time
Gold Index 1201.1 7.690 2014-11-21T00:
Oil Brent 78.6 -0.120 2014-11-21T00:
Oil Nymex 76.5 0.710 2014-11-21T00:
Silver Index 16.4 0.260 2014-11-21T00:

Indices

Symbol Open High Last %
NZX 50 5526.9 5526.9 5526.9 -0.56%
NASDAQ 4751.0 4751.6 4701.9 0.24%
DAX 9521.2 9736.1 9484.0 2.62%
DJI 17721.0 17894.8 17719.0 0.51%
FTSE 6678.9 6773.1 6678.9 1.08%
HKSE 23353.7 23508.0 23349.6 0.37%
NI225 17285.7 17381.6 17300.9 0.33%