NZ Windfarms under way in Otago

STATEMENT FROM NZ WINDFARMS

NZ Windfarms under way in Otago

Christchurch (Thursday, March 8, 2007) – NZ Windfarms Ltd today announced it has purchased a 16 percent stake in Windpower Maungatua Ltd, which holds the development rights to a wind farm site in Otago.

The Maungatua site is NZ Windfarms’ second wind farm investment and follows the Te Rere Hau wind farm established by the company on the Tararua Ranges near Palmerston North.

NZ Windfarms’ CEO, Chris Freear, said the Maungatua development has a potential capacity of about 20 megawatts, making it about half the size of the Te Rere Hau project.

He said feasibility studies were continuing at Maungatua as well as at a number of other possible wind farm locations throughout the Country.

“We expect to be in a position to decide the order of development for our next wind farms later in the year.”

NZ Windfarms is listed on the NZAX and created a 50/50 partnership with one of the world’s largest developers and owners of wind farms, National Power and Babcock & Brown WindPower, to develop Te Rere Hau.

For further information about NZ Windfarms visit www.nzwindfarms.co.nz

ENDS

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