Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

NZ Windfarms to protect Te Rere Hau from Windflow’s woes

NZ Windfarms to protect Te Rere Hau from Windflow’s difficulties

Aug 22 (BusinessDesk) – Concerns about the viability of NZAX-listed wind turbine pioneer Windflow Technology Ltd. have led New Zealand Windfarms Ltd. to buy a stock of strategic spare parts and an option to buy out Windflow’s maintenance operation for the Te Rere Hau wind project.

Windfarms and Windflow went through protracted legal wrangling last year over the specifications and certification of Windflow’s 500 kilowatt two-bladed turbines, 97 of which are installed at Te Rere Hau, in the Tararua Ranges.

Windfarms is so far the only major customer to emerge for the Windflow turbines, which Windflow had hoped would fill a niche in a British subsidy scheme encouraging small-scale embedded renewable generation. But that scheme has become bogged down and the small turbines have met greater competition from alternatives.

Windflow has warned for some months of fundamental uncertainty about its future, has contracted its manufacturing operation in Christchurch and has said it is seeking new capital.

In an announcement to the NZX today, Windfarms says it has restructured its maintenance and operation agreement with Windflow, acquiring spare parts previously owned by Windflow, which has also created a subsidiary, Te Rere Hau Services Ltd (TSL) covering operations staff at the power station.

Windfarms has been granted an option to acquire TSL “in the event that Windflow Technology becomes insolvent.”

The windfarm operator has also been “granted security over, and a licence to use, various drawings, specifications and other documents” to ensure it can maintain Te Rere Hau in the long term, should Windflow prove unable to fulfil its operations, maintenance and warranty obligations.

Shares of both companies were unchanged this morning at 15.3 cents for Windfarms and 50 cents for Windflow.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Tourism: Employers Welcome Back Working Holidaymakers

Tourism businesses gearing up for the return of Australian visitors from next week will be relieved to learn that they will also have access to an offshore pool of much-needed job candidates, Tourism Industry Aotearoa says. Tourism employers around ... More>>

Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>

Commerce Commission: Cartel Conduct Now Punishable By Up To 7 Years’ Jail Time

Cartel conduct can now be punished with a term of imprisonment of up to 7 years, after the Commerce (Criminalisation of Cartels) Amendment Act 2019 came into effect today. Cartel conduct includes price fixing, market allocation and bid rigging (see ... More>>

Stats NZ: New Report Shows Impact Of Demands On Land In New Zealand

A new environmental report released today by the Ministry for the Environment and Stats NZ, presents new data on New Zealand’s land cover, soil quality, and land fragmentation. The land cover data in the report, Our land 2021 , provides the most ... More>>

ALSO:

Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>