Transfer of TRH Services Ltd to NWF

Transfer of TRH Services Ltd to NWF

Windflow Technology wishes to advise that today it has transferred ownership of TRH Services Ltd (TSL) to NZ Windfarms Ltd (NWF). The transfer has arisen because NWF has exercised an option granted to it pursuant to an Operations and Maintenance (O&M) Deed which Windflow and NWF agreed in August 2011.

TSL was established as a wholly-owned subsidiary of Windflow Technology to operate and maintain NWF's Te Rere Hau wind farm. TSL employs the 12 Palmerston North-based site staff and their Christchurch-based manager, and owns site vehicles and maintenance tools required for the O&M operation. The purchase price will be based on the net tangible asset value of TRH Services Limited.

NWF will take over the operation and maintenance of Te Rere Hau. Windflow Technology will continue to provide warranty support for the 97 Windflow 500 turbines which are operating there.

ENDS

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