NZ Windfarms increases stake in Otago site

STATEMENT FROM NZ WINDFARMS LIMITED

NZ Windfarms increases stake in Otago site

Christchurch (Monday, March 31, 2008) – NZ Windfarms Ltd today announced it has increased its shareholding in Windpower Maungatua Ltd to 50 per cent.

Windpower Maungatua holds the development rights to a promising wind farm site in Otago and NZ Windfarms purchased a 16.7 per cent stake in the company last March.

NZ Windfarms’ CEO, Chris Freear, said: “In recent months Windpower Maungatua has been conducting feasibility studies at the site, and we are pleased to say the results are very positive.

The Maungatua wind farm has a potential capacity of about 20 megawatts, making it about half the size of the Te Rere Hau project when complete."

Maungatua will be NZ Windfarms’ second wind farm investment, the first wind farm being Te Rere Hau on the Tararua Ranges near Palmerston North.

Te Rere Hau is a 50/50 joint venture with one of the world’s largest developers and owners of wind farms, National Power and Babcock & Brown WindPower.

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

ENDS

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