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Contact sells Otahuhu power station land

Contact sells Otahuhu power station land

Contact Energy Limited (Contact) today announced that it has sold the Otahuhu power station land to Auckland developer Stonehill Property Trust, an entity of Euroclass Design and Build for NZ$30 million. Under the terms of the sale, Contact and Stonehill Property will also take an equal share in the proceeds of the sale of plant and equipment onsite, over a 12 month period. The new owners take possession of the property in February.

“We’re pleased to have completed the sale in a manner which, when you factor in an efficient sale and handover of the land and the planned plant and equipment sales, delivers a return in line with our expectations on announcing the closure in August 2015”, says Dennis Barnes, Contact’s Chief Executive.

“Our decision to close our Otahuhu B station reflected the growth in renewable electricity generation, such as the new Te Mihi geothermal power station, which effectively replaced Otahuhu in Contact’s portfolio.”

Contact operates 11 power stations across New Zealand, including five geothermal stations near Taupo, thermal stations in Stratford, Te Rapa and Whirinaki, as well as hydroelectric stations in Clyde and Roxburgh.

ENDS

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