Meridian suspends Renewable Energy Notes
For immediate release 9/12/2009
Meridian suspends issue and renewal of Renewable Energy Notes
Meridian Energy Limited has confirmed it has suspended offering new Renewable Energy Notes under the investment statement dated 29 October 2009 following the decision from the Ministerial Review into the Electricity Market to transfer ownership of two of its South Island hydro stations to its sister SOE Genesis.
Energy Minister Gerry Brownlee today announced that the Tekapo A and Tekapo B hydro stations - the first two of the eight-station chain operated by Meridian on the Waitaki - will transfer to Genesis.
Meridian has ceased to accept all new applications for the Notes and maturing Notes will be unable to be rolled over. Existing Notes are unaffected by this suspension.
The suspension will be in place while Meridian studies the detail of the announcement and considers the effect of the announcement on the offer documentation.