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.