Contact Energy Ltd is hailing a joint venture to appraise and potentially develop the Taheke 8C geothermal field on the shores of Lake Rotoiti as a significant step forward in the company's geothermal development programme and in the company's relationshi
Contact Energy Ltd is hailing a joint venture to appraise and potentially develop the Taheke 8C geothermal field on the shores of Lake Rotoiti as a significant step forward in the company's geothermal development programme and in the company's relationships with Maori.
The proprietors of Taheke 8C and Adjoining Blocks Inc, who own land above the Taheke geothermal field near Rotorua, have selected Contact as an exclusive development partner.
The agreement was signed by Contact managing director David Baldwin and the committee of management of Taheke 8C and Adjoining Blocks Incorporation at Pounamunui Marae on the shores of Lake Rotoiti today.
The partners will first drill exploratory wells then make decisions on the best approach to the sustainable development of the resource. If the two-year exploration and appraisal programme is successful, the partners will jointly develop a new power station.
"After a thorough and contestable process to identify the most suitable joint venture partner for Taheke 8C, Contact stood out as the best fit for us and our aspirations," chairman Tawhiri Morehu said.
"We are kaitiaki of this land so sustainable and careful development of the geothermal resource is essential. We need to be able look after both the land and the economic advancement of our people in the long-term," Mr Morehu said.
Contact managing director David Baldwin said it was a genuine joint venture with both parties actively participating in the development.
"We are excited about working with Taheke 8C to build a strong commercial future with Taheke in which both parties will contribute to develop a sustainable geothermal project which optimises long-term commercial returns," said Mr Baldwin.
