NZ Windfarms signs conditional contract with Meridian

NZ Windfarms has entered into a conditional contract with Meridian for a fixed price variable volume contract for difference.

The contract covers 50% of the output from the Te Rere Hau windfarm from October to December 2024, and 100% of the output from January to March 2025.

A separate contract has also been agreed for 100% of the output from April 2025 to the expected financial investment decision on the Te Rere Hau repower, which is anticipated to be no later than September 2025.

Both contracts are conditional on NZX granting a waiver or NZ Windfarms (NWF) shareholders' approval, as well as the agreement of an ISDA Schedule for the contract.

NWF says the transaction with Meridian is the result of a competitive process and is deemed to be the best outcome for all shareholders.