MERIDIAN ENERGY LIMITED Te Rere Hau Wind Farm Repowering
26 OCTOBER 2023
Visual simulation of the repowered Te Rere Hau wind farm
Project timeline
Te Rere Hau
Stage 1
commissioning
31 Dec 2006
Te Rere Hau
Stage 2/3
commissioning
31 Dec 2009
Te Rere Hau
Stage 4
commissioning
31 Dec 2011
Te Rere Hau
repowering
consent
granted
May
2023
Aokautere
Expansion
consent
referred
June 2023
Joint
venture
announced
Oct
2023
Project FID
expected
Q2
2025
Project first
power
expected
Q1
2027
Project
completion
expected
Q4
2027
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Meridian and NZ Windfarms relationship
- Joint venture is a dual limited partnership structure (Project SPV), 50% initial equity allocation each
- Meridian is the lead project developer and will fund a capped development contribution
- Meridian intends enter a 15-year power purchase agreement (PPA) with the Project SPV for all of the electricity produced
- PPA consists of two pricing periods, prices are indexed to ASX and include rolling locational and average price adjustments
- Project SPV Board consists of 2 directors from
each JV partner | Existing turbines at the Te Rere Hau wind farm |
- Meridian has also agreed to subscribe for shares in NZ Windfarms representing up to a 19.99% shareholding, on terms separately announced by NZ Windfarms
- NZ Windfarms board will appoint Neal Barclay (Meridian Chief Executive) as a director
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About NZ Windfarms Limited
- NZ Windfarms Ltd is a long-term specialist wind farm owner and operator, with its revenue coming from the sale of sustainably generated electricity from its Te Rere Hau wind farm
- The Te Rere Hau wind farm is located on North Range Road in the Tararua Ranges outside of Palmerston North
- The wind farm currently has 91 turbines with a capacity of 45.5 MW producing enough clean energy to power about 16,000 homes, or in excess of half the households in Palmerston North
- New Zealand Windfarms Ltd (NWF.NZ) is a publicly listed company on the NZ Stock Exchange
Existing turbines at the Te Rere Hau wind farm
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Disclaimer
The information in this presentation was prepared by Meridian Energy with due care and attention. However, the information is supplied in summary form and is therefore not necessarily complete, and no representation is made as to the accuracy, completeness or reliability of the information. In addition, neither the company nor any of its directors, employees, shareholders nor any other person shall have liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence) arising from this presentation or any information supplied in connection with it. This presentation may contain forward-looking statements and projections. These reflect Meridian's current expectations, based on what it thinks are reasonable assumptions. Meridian gives no warranty or representation as to its future financial performance or any future matter. Except as required by law or NZX or ASX listing rules, Meridian is not obliged to update this presentation after its release, even if things change materially.
This presentation does not constitute financial advice. Further, this presentation is not and should not be construed as an offer to sell or a solicitation of an offer to buy Meridian Energy securities and may not be relied upon in connection with any purchase of Meridian Energy securities.
This presentation may contain non-GAAP financial measures, including EBITDAF. Because they are not defined by GAAP or IFRS, Meridian's calculation of these measures may differ from similarly titled measures presented by other companies and they should not be considered in isolation from, or construed as an alternative to, other financial measures determined in accordance with GAAP. Although Meridian believes they provide useful information in measuring the financial performance and condition of Meridian's business, readers are cautioned not to place undue reliance on these non-GAAP financial measures.
The information contained in this presentation should be considered in conjunction with the company's financial statements, which are included in Meridian's integrated report for the year ended 30 June
2023 and is available at:
www.meridianenergy.co.nz/investors
All currency amounts are in New Zealand dollars unless stated otherwise.
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Meridian Energy Limited published this content on 25 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 October 2023 19:54:07 UTC.
