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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Scales Corp CEO Andy Borland assesses likely immigration cuts
- Forsyth Barr’s Kevin Stirrat talks through the market reaction to the new government
- Iron Duke director Phil O'Reilly on how concerned businesses should be about the new Labour-led government
- New Sky TV NZ director Mike Darcey on the skills he brings from Sky UK, and what it's like working for Rupert Murdoch
- Nevil Gibson's back on Wall Street's darkest day and what has happened since
- NBR Radio: The best interviews, with Grant Walker — updated daily